DUBAI: DP World, one of the world’s largest port operators, said on Thursday it was confident it would meet full-year market expectations as it reported a flat half-year net profit.
The Dubai-headquartered firm made a profit of $606 million attributable to the owners of the company in the six months to June 30, according to a bourse statement.
The earnings, which were in line with analyst estimates, according to Thomson Reuters data, compared with a $608 million profit in the same period a year earlier.
Revenue increased 9.6 percent to $2.29 billion, and in July the company said gross container volumes rose 8.2 percent in the first half to 34 million twenty-foot equivalent units `(TEUs).
“Looking ahead to the second half of the year, we expect higher levels of throughput to be maintained,” said Chairman Sultan bin Sulayem.
The chairman said he was confident market expectations for the year would be met following the company’s first-half performance. He did not elaborate.
The company said it invested $595 million in capital expenditure in key growth markets in the first half, and announced over $170 million of acquisitions.
In June, subsidiary P&O Maritime acquired Spanish maritime services operator Reyser from Bergé y Cía SA in June.
Qatari vessels have been banned from the company’s terminals in the United Arab Emirates since June as part of an ongoing dispute between four Arab countries, including the United Arab Emirates, and Qatar.
DP World did not mention the dispute in its statement.
— REUTERS
DP World reports flat first half but confident about full year
DP World reports flat first half but confident about full year
Human Rights Watch says Israel attack on Lebanon rescuers was unlawful
- HRW’s Lebanon researcher Ramzi Kaiss: ‘Israeli forces used a US weapon to conduct a strike that killed seven civilian relief workers in Lebanon who were merely doing their jobs’
- Activists from the Gathering of Free University Students organized a demonstration in front of the American University of Beirut campus in support of Palestine and the people of Gaza
BEIRUT: Human Rights Watch on Tuesday said an Israeli strike in Lebanon that killed seven first responders was “an unlawful attack on civilians,” and urged Washington to suspend the sale of weapons to Israel.
“An Israeli strike on an emergency and relief center” in the southern village of Habbariyeh on March 27 “killed seven emergency and relief volunteers,” constituting an “unlawful attack on civilians that failed to take all necessary precautions,” HRW said in a statement.
It said the massacre was committed against “a civil society association that provides emergency services, ambulances, first-aid training, and primary care and relief services in Lebanon.”
Furthermore, HRW said it “did not find any evidence of the presence of military targets at the site that was targeted with the acknowledgment of the Israeli army, which did not take possible precautions to ensure that the target was military … which makes the raid illegal.”
Ramzi Kaiss, HRW’s Lebanon researcher, said: “Israeli forces used a US weapon to conduct a strike that killed seven civilian relief workers in Lebanon who were merely doing their jobs.”
He said the Israeli army used US-made ammunition to carry out the raid.
HRW said it “sent a letter containing the results of reviewing the photos and videos of the site before and after the raid, including a video of the remnants of the ammunition found at the site, and questions to the Israeli army and the US State Department on April 19, but did not receive any response.”
The rights group said it found a metal fragment at the site of the bombing with “MPR 500” written on it, confirming that it is from a 500-pound general-purpose bomb made by Israeli company Elbit Systems, and the fragments and fins are part of a joint direct attack munition set manufactured by American company Boeing.
HRW urged the US to “immediately suspend arms sales and military assistance to Israel given evidence that the Israeli military is using US weapons unlawfully.”
The organization asked Lebanon’s Foreign Ministry to “take immediate action by submitting a declaration to the International Criminal Court, allowing it to investigate crimes falling within its jurisdiction committed on Lebanese territory since October 2023, and prosecute the perpetrators.”
A group of activists from the Gathering of Free University Students organized a demonstration in front of the American University of Beirut campus in support of Palestine and the people of Gaza.
The participants raised a large banner supporting “resistance and boycott until the disintegration of the Israeli entity and the establishment of one Palestine.”
Saudi Arabia’s Crown Prince expected to visit Pakistan any time during May — FM Dar
- The development comes after a flurry of high-level engagements between Pakistan and Saudi Arabia in recent weeks
- Both countries have been working closely to increase bilateral trade and investment in several diverse sectors
ISLAMABAD: Ishaq Dar, Pakistan’s deputy prime minister and foreign minister, on Tuesday said the much-awaited visit of Saudi Arabia’s Crown Prince Mohammed bin Salman to Islamabad was “on the cards” and could materialize any time during the month of May.
The statement follows a series of high-level engagements between the two countries, including the visits of Pakistan PM Shehbaz Sharif to the Kingdom and a visit of Saudi Foreign Minister Faisal bin Farhan to Islamabad.
The visit by the Saudi Crown Prince would mark his first trip to Pakistan in the last five years. His previous visit took place in February 2019 during the tenure of former prime minister Imran Khan.
“That visit [of Saudi Crown Prince] is due, which will happen anytime during May,” Dar told reporters at a media briefing in Islamabad. “We will receive the final dates from there [Saudi Arabia] and as a foreign ministry, we are in touch and his visit as of now is on the cards.”
The Saudi Crown Prince accepted PM Sharif’s invitation to visit Pakistan during their meeting in Ramadan, according to Dar.
“He [Saudi Crown Prince] said that he will visit Pakistan after the initial government-to-government (G2G) and business-to-business (B2B) meetings,” the Pakistani foreign minister said.
Pakistan and Saudi Arabia have been working closely in recent weeks to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman last month reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion.
PM Sharif discussed increasing bilateral trade and investment in his meeting with the Crown Prince during Sharif’s visit to Saudi Arabia on April 6-8, according to Dar.
It was followed by the visit of a Saudi ministerial delegation, led by FM Prince Faisal, to Islamabad on April 15-16, during which Pakistan presented the Saudi delegation with an investment menu that was “meticulously prepared after extensive efforts.”
Following Sharif’s talks with the Crown Prince and other top Saudi officials in Riyadh, a 50-member, high-level delegation, led by the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan on Sunday to explore investment opportunities in the South Asian country.
“The Saudi Assistant Investment Minister has brought prominent private Saudi companies for B2B meetings as government could only involve in major projects such as Reko Diq, petrochemicals and mining,” he said, adding that his government had aligned Pakistani companies for matchmaking.
“While bilateral trade volume will be bolstered through the private sectors of both sides, the government will facilitate this process as demonstrated by our recent efforts.”
Dar said Pakistan’s future looked “promising” due to the rapid progress made on the bilateral trade and investment agenda, on the directives of the Saudi Crown Prince.
Pakistan and Saudi Arabia enjoy strong trade, defense, and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country.
Hyo-Joo Kim relishing chance to play Aramco Team Series event in home country
- ‘Unique format of the event excites me,’ golfer says
- $1m pro-am competition is first for Ladies European Tour in South Korea
LONDON: South Korean golfer Hyo-Joo Kim says she is “excited” about playing in an Aramco Team Series event in her home country later this week.
The series is heading to Seoul for the second leg of a five-location global tour, as the Ladies European Tour makes its debut in South Korea, at the New Korea Country Club.
The event runs from Friday to Sunday and will see 36 teams — each comprising three professionals and one amateur — competing for the team title, before the professionals battle it out on the final day for the individual title and a share of the $1 million prize pot.
Kim said that playing in front of a home crowd would be a major source of motivation to clinch her first Aramco Team Series in her debut year.
“I’ve heard from those on tour how special Aramco Team Series events are and how they are set up like a major. As soon as I heard the series was heading to Korea for the first time there was no doubt that I would be competing,” she said.
“The unique format of the event excites me. I’ve never played in a tournament quite like it. I’m looking forward to competing with some of my fellow LPGA players here on Korean soil and exciting the passionate crowds.”
Kim will be joined by American Danielle Kang, who is on the hunt for her first win since 2022. The 2017 KPMG PGA Championship winner is no stranger to the city and has Korean heritage.
“I’m thrilled to be participating in the Aramco Team Series in Korea,” Kang said.
“I absolutely love the team aspect of this series and can’t wait to play alongside a great field of golfers from both the LPGA and LET. I am very thankful for this opportunity and excited to compete.”
Budget deficit is ‘intentional’ to ensure sustainable development
- ‘As long as deficit is directed toward productive expenses, it is acceptable,’ says Al-Jadaan
RIYADH: Saudi Finance Minister Mohammed Al-Jadaan on Tuesday said the Kingdom is running budget deficit intentionally to achieve its development goals.
The Finance Ministry announced the quarterly budget performance report on Sunday. As per the report, the Kingdom posted a deficit of SR12.4 billion ($3.3 billion) in Q1, marking the sixth consecutive quarterly deficit with revenues amounting to SR293.4 billion and expenditures hitting a record SR305.8 billion.
“We’re intentionally running a sustainable deficit for economic development, contrasting with mandatory borrowing in some nations for essential but unproductive expenses,” the minister told Al-Eqtisadiyah in an interview.
He said the deficit is not merely a consequence but an attempt to achieve development goals. The minister said the government prioritizes spending to accelerate the implementation of its development strategies and projects.
Al-Jadaan also shed light on the overall situation of the global economy and how Saudi Arabia’s prudent fiscal policies have supported growth and enhanced the Kingdom’s resilience in dealing with changes.
HIGHLIGHTS
Efforts are underway to attract domestic and foreign investments that stimulate economic growth and contribute to reducing the budget deficit.
Strategic spending has a multiplier effect on the economy, like creating jobs and enhancing trade through infrastructure investments.
Saudi Arabia is committed to optimizing government expenditures by directing them toward promising strategies.
Regarding the budget deficit and its potential impact on the economy, he reassured citizens that managing the budget deficit is a top priority.
The minister clarified that as long as the deficit is directed toward productive expenses, the government views it as acceptable, as it generates economic returns that exceed the cost of debt.
Highlighting sustainable financial policies, Al-Jadaan cited the government’s efforts to reduce its reliance on oil revenues by diversifying sources of income.
He said non-oil revenues made up 38 percent of the total income in 2023, compared to 9 percent in 2015. The minister said the ratio of non-oil revenues to covering expenditure ceilings was about 17 percent in 2015 and surged to reach 35 percent in 2023.
Al-Jadaan said: “Financial policies can enhance financial inclusion and access to funding, both vital for supporting entrepreneurship, small and medium-sized enterprises, and innovation. This contributes to achieving the goals of Saudi Vision 2030, which has succeeded in unprecedented achievements across various sectors.”
He also addressed the efficiency of government spending and its pivotal role in fostering economic development and bolstering economic resilience.
“We are committed to optimizing government expenditures by directing them toward promising strategies aimed at diversifying the economic base,” the official added.
He said by the end of 2023, total government spending had reached approximately SR1.29 trillion, reflecting continued progress in implementing initiatives and structural reforms.
These initiatives include regional and sectoral strategies supportive of structural transformation for comprehensive sectoral development and economic diversification, Al-Jadaan added.
Moreover, the finance minister revealed that active efforts are underway to attract both domestic and foreign investments that stimulate economic growth and contribute to reducing the budget deficit.
Commenting on the impact of strategic spending on the national economy, he said it “involves directing and allocating financial resources toward specific goals and priorities that align with long-term economic objectives.”
This is achieved by strategically guiding funds, enabling governments and institutions to stimulate economic growth and development, foster innovation, and enhance productivity, he explained.
The minister went on to say that for instance, investments in additional industrial zones, expanding ports’ capacities, and investing in roads have led to significant growth in industrial investments and logistics services, creating business opportunities and employment for many citizens.
“This supports economic activity and raises the non-oil gross domestic product, thereby increasing non-oil revenues and covering additional debt costs,” he added.
Al-Jadaan said that strategic spending has a multiplier effect on the economy, like creating jobs and enhancing trade through infrastructure investments.
The minister also highlighted Saudi Arabia’s remarkable international presence over the past seven years.
He emphasized that Saudi Vision 2030 has positioned the Kingdom as a preferred and leading destination worldwide.
Al-Jadaan explained: “The foreign direct investment as a percentage of GDP reached 2.4 percent, which stimulated economic growth and bolstered the Kingdom’s competitiveness in the global market, leading it to advance seven positions to become one of the top 20 countries in the Global Competitiveness Report for the year 2023.”
Additionally, Saudi Arabia participated in regional economic integration initiatives, strengthened close economic relations with neighboring countries, and capitalized on regional markets to achieve mutual benefits.
“The Ministry of Finance has undertaken the task of enhancing international cooperation in financial policies through fostering international economic and trade partnerships, exchanging expertise, and promoting development at both regional and global levels,” the minister said.
Al-Jadaan emphasized Saudi Arabia’s commitment to promoting international dialogue. “We take pride in the Kingdom’s strong relations with international organizations, believing in the importance of international cooperation to achieve development, enhance peace and international security, promote human rights, combat climate change, and foster economic collaboration.”
Saudi Arabia chaired the G20 meetings, the most important global economic forum, in 2020 and effectively managed global consensus on addressing the COVID-19 pandemic.
He emphasized that the Kingdom has presented initiatives that are still being implemented globally, including the Debt Service Suspension Initiative for the benefit of poor countries, further enhancing its international standing.
Moreover, Saudi Arabia won the bid to host the 2030 International Expo, further solidifying its international position. The Kingdom’s nominees also secured victories in several international organizations.
In terms of financial and monetary policy, Saudi Arabia’s recent successes and its active participation in local, regional, and international events led the IMF to choose the Kingdom to chair the International Monetary and Financial Committee.
“This reflects the close and long-standing relationship between the two sides, affirming the Kingdom’s commitment to actively participate in shaping and implementing international financial and economic policies,” Al-Jadaan added.
The minister highlighted the IMF’s Riyadh-based regional office and said: “The opening of the IMF’s regional office in Riyadh is a strategic move that reflects the Kingdom’s commitment to enhancing international cooperation and promoting economic stability at the regional level.”
Egypt urges all parties to exert more pressure to end Gaza conflict
- President Abdel Fattah El-Sisi welcomes progress in recent talks
- Cairo warns Israel that attack on Rafah threatens over 1m in Gaza
CAIRO: Egypt’s President Abdel Fattah El-Sisi has welcomed Monday’s developments in peace talks about finalizing a truce in Israel’s war on Gaza.
El-Sisi said he was “closely following the positive developments pertinent to the ongoing negotiations to reach a comprehensive truce in the Gaza Strip.”
He called on all parties to exert more efforts to reach an agreement that will end the human tragedy of the Palestinian people and finalize the exchange of hostages and prisoners.
Hamas accepted an Egypt-Qatar mediated ceasefire proposal on Monday. The high-stakes diplomatic moves and military brinkmanship left a glimmer of hope alive — but only barely — for an accord that could bring at least a pause in the seven-month-old war that has devastated the Gaza Strip.
An armed conflict between Israel and Hamas-led Palestinian militant groups has been taking place chiefly in and around the Gaza Strip since Oct. 7. It began when Hamas launched a surprise attack on southern Israel from the Gaza Strip, killing around 1,200 people and taking 150 hostages.
Subsequent Israeli strikes against Gaza have driven around 80 percent of the territory’s population of 2.3 million from their homes and caused vast destruction to apartments, hospitals, mosques and schools across several cities.
The Palestinian death toll in Gaza has soared to more than 34,500 people, according to local health officials.
Meanwhile, Egypt’s Foreign Ministry said that it has warned of the dangers of a possible Israeli military operation in Gaza’s Rafah region, “since this escalatory act entails grave humanitarian dangers threatening more than 1 million Palestinians residing in this region.”
It called on Israel to exercise “utmost restraint, and refrain from further escalation at this extremely sensitive timing of ceasefire negotiations, spare the lives of Palestinian civilians who have been enduring an unprecedented humanitarian catastrophe since the outbreak of the war.”
It said that Egypt continues talking with all parties to prevent the situation from deteriorating.
Meanwhile Egypt’s Foreign Minister Sameh Shoukry discussed the Rafah situation with his UAE counterpart Sheikh Abdullah bin Zayed Al-Nahyan in a phone call.
They exchanged views regarding the possibility of Israeli forces carrying out a military operation in the besieged city.
Shoukry reiterated his warning of the dangers of an Israeli military escalation in Rafah, which is considered the last relatively safe area in the Gaza Strip and refuge for more than a million Palestinians.
The ministers stressed the urgency of reaching a truce agreement that allows for the swapping of hostages and detainees, and ensure a permanent ceasefire.
They agreed to continue talks with various parties to prevent the conflict from spreading to the region.
