DP World signs deal to develop $1 billion new Senegal port

DP World signs deal to develop $1 billion new Senegal port
In this Feb. 8, 2009 file photo, cranes off load containers at the Jebel Ali port terminal 2 in Dubai, United Arab Emirates. International port operator DP World signed a deal on Wednesday, Dec. 23,2020, to develop a new deep-water port in Senegal worth over $1 billion, the company announced, its biggest ever investment in Africa. (AP)
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Updated 24 December 2020

DP World signs deal to develop $1 billion new Senegal port

DP World signs deal to develop $1 billion new Senegal port
  • The major investment follows DP World’s delisting from the stock exchange to become a fully government-owned firm
  • DP World Dakar plans to pour $837 million into the first phase of Senegal’s Ndayane port construction

DUBAI, United Arab Emirates: International port operator DP World signed a deal Wednesday to develop a new deep-water port in Senegal worth over $1 billion, the company announced, its biggest ever investment in Africa.
DP World Dakar, a joint venture between the Dubai-based maritime firm and the port authority based in Senegal’s capital Dakar, will build and operate a vast new 600-hectare (1,500-acre) port on the Atlantic Ocean. The deal also includes plans to build a new terminal to handle the world’s biggest container ships and a “special economic zone” to attract foreign capital.
The major investment follows DP World’s delisting from the stock exchange to become a fully government-owned firm. The world’s fourth-largest port operator runs operations in 40 countries as far east as Brisbane, Australia and as far west as Prince Rupert, Canada. Over the years, DP World has won concessions to develop commercial ports and logistics hubs at several sites across Africa, including Somaliland, Algeria, Mozambique and Djibouti.
DP World’s forays into Africa come as the United Arab Emirates aggressively seeks to gain a strategic foothold in the continent. Over the past few years, the Gulf nation has built a series of military bases in the Horn of Africa that allow it to project power far beyond its borders, into the Red Sea and the crucial Bab el-Mandeb strait.
DP World Dakar plans to pour $837 million into the first phase of Senegal’s Ndayane port construction, the single-biggest private sector investment in the West African country’s history, followed by another $290 million, according to a company statement.
The new port will help cement Dakar’s status as “a major logistics hub and gateway to West and Northwest Africa,” the company added.


UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
Updated 15 January 2021

UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
  • The fall in gross domestic product much lower than the average forecast for a 5.7 percent drop

LONDON: Britain’s economy shrank by 2.6 percent in November, the first monthly fall in output since the depths of an initial COVID lockdown in April, as new restrictions were imposed on much of the country to slow the spread of the disease.
The fall in gross domestic product reported by the Office for National Statistics was much lower than the average forecast for a 5.7 percent drop in a Reuters poll of economists.
The Bank of England estimates Britain’s economy shrank by just over 1 percent over the final three months of 2020, and with a new lockdown in place since January the country is likely to have fallen into a double-dip recession.
The BoE ramped up its bond-buying program to almost 900 billion pounds in November and Governor Andrew Bailey said this week that it was too soon to say if further stimulus would be needed.