DP World in top 5 overseas investors since 2012

DP World in top 5 overseas investors since 2012
DP World operations at Jebel Ali Port in Dubai, UAE. (DP World)
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Updated 26 March 2023

DP World in top 5 overseas investors since 2012

DP World in top 5 overseas investors since 2012
  • Logistics company invested $320m in the last year

DUBAI: DP World has invested more than $10 billion in the global logistics sector since 2012, Emirates News Agency has reported. 

The figures make the UAE-based company one of the top five overseas investors during the time period, according to the most recent foreign direct investment data.

Despite the demand for logistics services slowing, along with the global economy, DP World invested $320 million in the last year. 

Other companies in the top five include Amazon, and Denmark’s AP Moller Maersk, making DP World the only company in the group not based in the US or Europe.

DP World CEO Sultan Ahmed bin Sulayem said: “The data shared by ‘FDI Intelligence’ demonstrates where we stand globally within the logistics sector, not only in the last year but consistently over the last 10 years.

“DP World’s companies touch people’s lives around the world every day. Sometimes it is tangible, and sometimes we are in the background, making sure people and businesses get the goods they require.

“Our infrastructure opens untapped trade opportunities, grows economies and makes goods more affordable.

“Investing in developing economies helps trade go further, facilitates economic growth, attracts foreign investment and generates thousands of jobs — raising the quality of life for everyone.”

According to a study in January commissioned by DP World and led by Economist Impact, 96 percent of companies are changing their supply chains as a result of geopolitical events.

One of DP World’s priorities in 2022 was to expand its partnerships in order to realize this trade potential.

It strengthened its partnership with India’s National Investment and Infrastructure Fund to raise about $300 million, and it established a new platform with British International Investment to accelerate work in Africa.

The African continent has been a key focus area, with the construction of the Port of Ndayane in Senegal marking the start of a $1 billion investment.

Plans are also in the works to expand the capabilities of operations at Caucedo in the Dominican Republic, while the Callao Port expansion in Peru, when completed later this year, will reportedly create one of the single largest terminals in South America.

Another popular investment destination has been the UK. DP World has invested £2 billion ($2.44 billion) in the UK over the last decade, supporting thousands of jobs, WAM reported.

EVs to be at core of shift to green mobility, says UAE minister

EVs to be at core of shift to green mobility, says UAE minister
Updated 11 sec ago

EVs to be at core of shift to green mobility, says UAE minister

EVs to be at core of shift to green mobility, says UAE minister

RIYADH: Electric vehicles are set to be at the core of the shift to green mobility as reaching net-zero emissions has become a collective and urgent priority, according to the UAE’s minister of energy and infrastructure. 

Speaking at the second edition of the Electric Vehicles Innovation Summit organized at the Abu Dhabi National Exhibition Centre, Suhail bin Mohammed Al-Mazrouei said: “The EV market looks promising and offers unique investment opportunities. We invite future-thinking businesses to capitalize on these opportunities. Investing in the EV industry makes a perfect environmental and economic sense.” 

He said that the UAE is constantly offering incentives to make EVs more appealing to consumers. “To fully realize the potential of electric mobility, we are deploying a nationwide network of public and private charging stations, equipped with the latest innovative technologies to reduce charging time,” he informed. 

The three-day summit that ends on May 31 includes an extensive exhibition throughout the event. In addition, the exhibition space has been expanded, accommodating over 100 products, including vehicles and EV service providers. 

Additionally, EVIS2023 encompasses a two-day conference that has garnered significant attention, featuring more than 100 speakers and over 50 conference sessions covering a wide range of topics relevant to the current and future landscape of e-mobility. 

The summit aims to promote the transition from dependence on fossil fuels to electric mobility, which saves the planet from the environmental consequences of carbon dioxide and other emissions. 

Organized by the Abu Dhabi-based Nirvana Holding, the summit succeeded in attracting and bringing global interest to the Middle East and North Africa region, which is a promising market with significant growth and business opportunities in the coming years. 

The exhibition drew global household brands like Geely, Skywell, Tesla, BYD, Polyester, etc. More than 50 EVs worldwide are on display at the show. 

The event has also attracted global e-mobility service providers, like charging infrastructure and dealerships. 

A notable addition to this year’s edition is the Technology Park, an innovation hub showcasing the latest advancements in e-mobility. This dedicated area showcases the cutting-edge EV technologies developed by universities and technology incubators, shaping the industry’s future. 

Oil Updates — crude slips on US debt ceiling struggles

Oil Updates — crude slips on US debt ceiling struggles
Updated 30 May 2023

Oil Updates — crude slips on US debt ceiling struggles

Oil Updates — crude slips on US debt ceiling struggles

RIYADH: Oil prices fell on Tuesday, giving up earlier gains, as concerns about the viability of the US debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers have clouded the supply outlook ahead of their meeting this weekend. 

Brent crude futures fell 60 cents, or 0.78 percent, to $76.47 a barrel at 9:23 a.m. Saudi time, after rising by 0.5 percent earlier on Tuesday. 

US West Texas Intermediate crude dipped 37 cents to $72.30 a barrel, down 0.51 percent from Friday’s close. There was no settlement on Monday because of a US public holiday. 

Some hard-right Republican lawmakers said on Monday they might oppose a deal that would raise the debt ceiling in the US, the world’s biggest oil user, while Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy remained optimistic the deal will pass. 

Biden and McCarthy forged an agreement on the debt over the weekend, and it must pass a divided US Congress before June 5, the day the Treasury Department says the country will not be able to meet its financial obligations, which could disrupt financial markets. 

OPEC will welcome Iran’s return to oil market when sanctions lifted 

The Organization of the Petroleum Exporting Countries will welcome Iran’s full return to the oil market when sanctions are lifted, its secretary-general told the Iranian oil ministry’s news website SHANA on Monday. 

Iran is an OPEC member, although its oil exports are subject to US sanctions to curb Tehran’s nuclear program. 

Secretary-General Haitham Al-Ghais, who is visiting Tehran for the first time, added that Iran could bring on significant production volumes within a short period of time. 

“We believe that Iran is a responsible player among its family members, the countries in the OPEC group. I’m sure there will be good work together, in synchronization, to ensure that the market will remain balanced as OPEC has continued to do over the past many years,” SHANA’s website cited him as saying. 

Asked about OPEC’s voluntary production cut and its effect on oil prices, Al-Ghais said, “In OPEC ... we don’t target a certain price level. All our actions, all our decisions are made in order to have a good balance between global oil demand and global oil supply.” 

In a surprise move in early April, Saudi Arabia and other members of OPEC+, which comprises OPEC and allies including Russia, announced further oil output cuts of around 1.2 million barrels per day.  

Brazil’s Petrobras approves new commercial portfolio for natural gas 

Brazilian state-run oil company Petrobras on Monday announced a new commercial portfolio for natural gas, saying it was moving to include “diversified” deadlines, benchmarks and places of delivery to “ensure competitiveness.” 

Petroleo Brasileiro SA, as the firm is formally known, said it would resume using Henry Hub benchmark prices for gas in addition to Brent oil prices while offering distributors more options for contract deadlines and delivery locations. 

(With input from Reuters) 

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt
Updated 30 May 2023

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt

Saudi Arabia’s Red Sea Global reviews strategic partnership opportunities in Egypt

RIYADH: The Saudi-based Red Sea Global company held its second promotional procurement exhibition in Cairo, in cooperation with its media partner, MEED Network, and in the presence of representatives from more than 100 Egyptian companies from the private sector, the Saudi Press Agency reported on Monday.
The exhibition is the second of its kind in a series of local, regional and international introductory meetings conducted by the company, which is wholly owned by the Kingdom’s Public Investment Fund.
The event aims to establish more partnerships with the private sector to enable the delivery of the company’s growing portfolio of projects.
Ben Edwards, group head of cost, commercial and procurement at Red Sea Global, said the opportunity to present projects and opportunities available to the Egyptian market is a major strategic step for Red Sea International this year.
“To achieve the innovative approach that we seek, especially with regard to sustainability, we had to identify organizations and companies that share the same vision to establish real partnerships with them, and we met today with many future partners,” he added.
Red Sea Global is one of the companies with continuous progress in implementing projects for its “Red Sea” and “Amaala” destinations, and the twelve future projects in the company’s portfolio, SPA added.
In March, it held its first regional induction tour in Doha, where the company met with representatives from more than 100 Qatari companies.
The company has awarded contracts worth more than SR40 billion ($10.6 billion) for its “Red Sea” and “Amaala” destinations so far and this year, contracts worth SR5 billion were awarded, with an additional SR20 billion expected to be awarded before the end of the year.

Riyadh Airports CEO joins international aviation body

Riyadh Airports Co. CEO Musad Aldaood (File)
Riyadh Airports Co. CEO Musad Aldaood (File)
Updated 29 May 2023

Riyadh Airports CEO joins international aviation body

Riyadh Airports Co. CEO Musad Aldaood (File)

RIYADH: In significant global recognition of the Kingdom’s aviation sector, Riyadh Airports Co. CEO Musad Aldaood has been elected to the board of the Airports Council International, Asia-Pacific.   

This assembly of airport authorities is dedicated to improving airport operations and standards, representing their collective interests with international organizations like International Civil Aviation Organization and International Air Transport Association.  

The announcement was made during the 18th meeting of the ACI Asia-Pacific Assembly in Kobe, Japan. 

Aldaood joined leaders from airports across mainland Asia, Australasia, the Pacific Ocean islands and key North American points such as Vancouver, San Francisco and Hawaii.  

Commenting on his appointment, Aldaood said he was looking forward to working with other board members, the World Executive Committee, regional advisers, and the management team to continuously make airports a great and safe place for travelers and airport partners.   

“We will devote our expertise and efforts to improve the aviation sector, raise the aspirations and expectations, and work with relevant sectors in a joint and integrated manner to develop our work through the ACI World Governing Board, Asia-Pacific and the Middle East,” he said.  

Aldaood brings over 21 years of experience managing and operating King Khalid International Airport under the RAC.   

He also holds concurrent positions as the vice chair of the board of directors of Saudi Public Transport Co. and a board member of Altanfeethi Co., overseeing executive terminals and offices across the Kingdom’s airports.  

New shipping service added to Kingdom’s Dammam port

New shipping service added to Kingdom’s Dammam port
Updated 29 May 2023

New shipping service added to Kingdom’s Dammam port

New shipping service added to Kingdom’s Dammam port

RIYADH: Traffic at the King Abdulaziz Port in Dammam will soon ease thanks to the addition of Swiss-based Mediterranean Shipping Co.’s new service, the Saudi Press Agency reported.

The Upper Gulf Express shipping service aligns with the objectives of the National Transport and Logistics Strategy to position the Kingdom as a global logistics hub connecting three continents, the General Authority of Ports said. 

The shipping service connects Dammam with the ports of Abu Dhabi and Sharjah in the UAE as well as the Iraqi port of Umm Qasr.  

The service which is set to launch at the end of May also consolidates the position of the King Abdulaziz Port as the main port through which goods pass from all over the world. 

In January this year, the ports authority announced the launch of a new freight service at King Abdulaziz Port operated by MSC.    

The connection allows Dammam to enjoy weekly sailings to eight maritime destinations spanning the Arabian Gulf, South Asia, and Southern Africa.    

These include the ports of Khalifa bin Salman in Bahrain, Khalifa in the UAE, Qasim in Pakistan, Mundra and Hazira in India, Port Louis in Mauritius, and Durban and Coega in South Africa.    

The service started on Jan. 21 and features five vessels with an average carrying capacity exceeding 6,000 twenty-foot equivalent units.