LONDON: DP World gross container volumes jumped in the second quarter as its regional operations shrugged off the impact of disruption to cargo shipments to Qatar.
The Dubai state-owned ports operator said second-quarter gross container volumes gained 10.7 percent year-on-year on a reported basis and 10.4 percent on a like-for-like basis.
Improving global trade boosted performance in all three regions and volumes also increased in Jebel Ali despite the disruption to container traffic following the start of a boycott of Qatar by the UAE, Saudi, Bahrain and Egypt who accuse the country of supporting terror groups.
It meant that ships sailing to and from Doha were stopped from calling at other major ports in Saudi, Bahrain and the UAE — home to Jebel Ali, the region’s largest port.
Last month international shipping companies including Maersk said they would no longer be able to transport goods bound for or originating from Qatar through Jebel Ali Port.
A DP World spokesman said the boycott did not have “a material impact” on volumes over the period as it impacted mainly small transhipments.
The ports operator did not say whether the ongoing boycott was expected to have an impact on its regional cargo volumes in the third quarter.
Still, despite having a major impact on the regional transhipment of goods, freight volumes between Qatar and other regional ports only represent a small fraction of DP World’s global operations which have been spurred by rebounding trade.
“Our portfolio has delivered ahead-of-market growth benefitting from the improved trading environment in 2017 and market share gains from the new shipping alliances, driving volumes in the second quarter,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive of DP World.
The IMF this week left its 2017 forecast for global growth of 3.5 percent unchanged as better growth in China, the euro zone and Japan compensated for faltering growth in the UK and US.
It expects the global economy to expand by 3.6 percent next year — also unchanged from its previous forecast in April.
DP World operates 78 marine and inland terminals worldwide and has a 36,500-strong workforce.
Its core business is container handling which generates more than three quarters of its revenues. The company handled around 64 million TEU (twenty-foot equivalent units) last year.
Dubai’s DP World sees no ‘material impact’ from Qatar boycott
Dubai’s DP World sees no ‘material impact’ from Qatar boycott
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
