DUBAI: DP World, the international ports and logistics business based in the UAE, handled more containers last year than at any time in its history, as the growing world economy boosted global trade.
In its annual assessment of container traffic through its ports, the company reported that more than 70 million TEUs — 20 foot equivalent units — passed through ports it either owned or had a significant presence in. That outcome was a 10 percent rise over 2016, beating forecasts of 6 percent by industry experts Drewry Maritime.
Sultan Ahmed bin Sulayem, the group chairman and CEO, said: “Benefiting from the improved trading environment and market share gains, our global portfolio once again delivered ahead-of-market growth in 2017 and has seen strong performance across all three regions.”
There were double digit increases in volumes in the Americas and Australia, at 13.8 percent ahead, and in Europe, Middle East and Africa, 11.5 percent up. The Asia Pacific and India subcontinent was 7.9 percent ahead in volumes.
Last year also saw a revival of business in DP World’s key port at Jebel Ali in Dubai, its most important profit center, which had suffered from declining trade volumes in 2016. The UAE contributed 15.4m TEU to the total, 4 percent ahead.
“We are also pleased to see stable performance in the UAE as volumes continue to grow in the fourth quarter of 2017 amidst uncertainty in the region and tougher year-over-year comparables. The performance across our other terminals in the Middle East & Africa remains strong, in addition to Europe and the Americas,” bin Sulayem added.
Consolidated terminals — ones wholly owned by DP World — accounted for roughly half of the total.
DP World shares, traded on the Nasdaq Dubai market, bucked the trend of falling equities markets in the region to inch ahead by 0.1 percent.
In the UAE, the company still has no date for the completion and opening of terminal 4 (T4) in Jebel Ali. It said recently that it was looking to launch T4, which will lead to a big expansion in capacity, when justified by market conditions.
DP World is expecting a significant impact on its operations over the next two years as business grows to build and accommodate the Expo2020 exhibition in the UAE. Its port and connected industrial zone is close to the Expo site in south Dubai and the new airport facilities at Dubai World Central.
Industrial parks and economic zones will be a feature of future expansion strategy, already pioneered at the London Gateway development in Britain, and at several other locations in the Americas and Africa.
It is also likely to increase its interest in the Red Sea region. DP World already has port facilities in Jeddah, where there is a big infrastructure investment program under way, and in Egypt’s new Suez Canal industrial zone.
Record container traffic reported in global trade boost by DP World
Record container traffic reported in global trade boost by DP World
Saudi minister attends G20 judicial meeting in Brazil
RIYADH: Saudi Minister of Justice Dr. Walid Al-Samaani took part in the G20 Summit of Supreme Courts and Constitutional Courts in Rio de Janeiro, Brazil, from May 12-14.
Discussions focused on integrating technology, particularly AI, in justice systems, and exploring innovative technologies used by G20 courts, the Saudi Press Agency reported on Tuesday.
The summit discussed promoting citizenship and social inclusion, climate litigation and sustainable development, and digital transformation to enhance judicial efficiency.
Meanwhile, the Family Affairs Council delegation, led by its secretary-general, Dr. Maimoonah Al-Khalil, took part in the Women’s Empowerment Working Group meeting of the G20 in Brazil from May 14-15.
The first day’s session was titled “Equality, Economic Independence and the Care Economy,” while the second session focused on “Equality and Confronting Violence and Discrimination against Women.”
The meeting will conclude on the second day with the topic “Equality and Climate Justice.”
The Family Affairs Council represents Saudi Arabia in the G20, focusing on women’s empowerment.
The Women’s Empowerment Working Group, initiated under the Indian presidency in 2023, began its work under the Brazilian presidency this year.
UN says informed Israel of vehicle fatally hit in Gaza
- The employee killed was an Indian national, UN spokesman Rolando Gomez told a media briefing
- A second UN DSS staff member who was in the vehicle at the time was wounded in the attack
Geneva: The United Nations said Tuesday that it had informed the Israeli authorities of the movements of a vehicle carrying UN staff which was hit in southern Gaza, killing an Indian.
One UN security services member was killed and another wounded in the attack on Monday, the United Nations said, marking the first death of a UN international employee in the Palestinian territory since the war began more than seven months ago.
The employee killed was an Indian national, UN spokesman Rolando Gomez told a media briefing.
“We are deeply saddened by the loss of Col Waibhav Kale, working for the UN Department of Safety and Security in Gaza,” India’s mission to the UN in New York confirmed on X.
“Our deepest condolences are with the family during this difficult time.”
A second UN DSS staff member who was in the vehicle at the time was wounded in the attack, Gomez said, adding that the two had been traveling to the European Hospital in Rafah when their vehicle was hit.
“The UN informs Israeli authorities of the movement of all of our convoys. That has been the case in any theater of operation. This is a standard operating procedure,” said Gomez.
“This was the case yesterday (Monday) morning, so we have informed them. And it was a clearly marked UN vehicle.”
He added: “This is a sheer illustration that there’s really nowhere safe in Gaza at the moment.”
When asked about the attack, the Israeli military sent AFP a statement apparently drafted on Monday saying that the DSS had informed it of the hit.
“An initial inquiry conducted indicates that the vehicle was hit in an area declared an active combat zone,” the military said, maintaining that it had “not been made aware of the route of the vehicle.”
“The incident is under review,” it said, without attributing responsibility for the strike.
Gomez said UN Secretary-General Antonio Guterres had called for a full investigation.
“Of course we want accountability. This is the ultimate aim of this investigation. International humanitarian workers are not targets, so such attacks must end,” he said.
While Monday’s attack marked the first time a UN international employee has been killed in the Gaza war, a large number of local staff have been killed.
The UN agency for Palestinian refugees, UNRWA, alone has lost 188 of its 13,000 Gaza staff, according to UN figures.
“No one is safe in Gaza, including aid workers,” UNRWA chief Philippe Lazzarini said on X, formerly Twitter.
The bloodiest ever Gaza war broke out after Hamas’s October 7 attack on Israel, which resulted in the deaths of more than 1,170 people, mostly civilians, according to an AFP tally of Israeli official figures.
Israel’s retaliatory offensive against Hamas has killed at least 35,173 Palestinians in Gaza, mostly women and children, according to the Hamas-run territory’s health ministry.
Middle East IPO market set for continued growth in 2024: PwC
RIYADH: Initial public offerings in the Middle East are poised for continued positive aftermarket performance this year, following significant post-IPO gains in the first quarter, a new report stated.
PwC’s latest IPO+ Watch report highlighted the Saudi Stock Exchange’s emergence as a dominant force in Gulf Cooperation Council equity market launches activity, hosting the majority during the quarter, underscoring the region’s attractiveness to investors seeking dynamic opportunities.
“Tadawul is reported to remain the most active exchange in the GCC with all but one IPOs taking place on either Tadawul main market or the Nomu parallel market,” the report stated.
On the primary market, three IPOs garnered a combined total of $667 million, while on the secondary market, six offerings raised $57 million in total.
Notable among the recent successes are MBC Group Co. and Avalon Pharma, both witnessing substantial market gains.
However, the report noted that the market’s attention has been captured by the demand for Dubai Parking, which set a new record for subscription levels at the Dubai Financial Market, being oversubscribed by 165 times.
The offerings landscape in the Middle East during the first three months of this year was characterized by activity across various sectors, showcasing a diverse range of investment opportunities.
From consumer markets with companies like Parkin Co. and Modern Mills for Food Products Co., to health industries represented by Avalon Pharma, and technology, media, and telecommunications with MBC Group Co., the IPO wave has touched multiple sectors.
Additionally, smaller-scale market debuts were observed in the financial services, industrials, manufacturing, and automobile sectors.
Muhammad Hassan, capital markets leader at PwC Middle East, expressed optimism, citing Parkin’s oversubscription and double-digit post-IPO gains as indicators of sustained positive momentum.
“We expect the privatization agenda across the GCC, combined with the ambition of private family businesses to go public, will continue to drive issuance supporting positive momentum in GCC IPO activity in 2024,” he added.
Looking ahead, the report anticipated continued strength in the public flotation landscape for the remainder of 2024, buoyed by a robust pipeline.
Private sector companies seeking liquidity and access to capital are expected to drive much of this activity, with Saudi Arabia and the UAE leading the charge. Nevertheless, there’s growing momentum in markets like Oman and Qatar, signaling a broader regional expansion of IPO activity.
Turkiye says to apply to intervene in ICJ genocide case against Israel
- Ankara steps up measures against Israel over its assault on Gaza, which has killed more than 35,000 people
ANKARA: Foreign Minister Hakan Fidan said on Tuesday that Turkiye decided to submit its declaration of official intervention in South Africa’s genocide case against Israel at the International Court of Justice (ICJ).
Earlier this month Fidan announced the decision to join the case launched by South Africa as Ankara steps up measures against Israel over its assault on Gaza, which has killed more than 35,000 people and launched after militant group Hamas’ Oct. 7 rampage.
“We condemned civilians being killed on October 7,” he told a press conference with his Austrian counterpart.
“But Israel systematically killing thousands of innocent Palestinians and rendering a whole residential area uninhabitable is a crime against humanity, attempted genocide, and the manifestation of genocide,” he added.
A foreign ministry official said Turkiye had not yet submitted the formal application to the ICJ.
The World Court will hold hearings on Thursday and Friday to discuss new emergency measures sought by South Africa over Israel’s attacks on Rafah during the war in Gaza, the tribunal said Monday.
The hearings on May 16 and 17 will deal with South Africa’s request to the court to order more emergency measures against Israel over its attacks on Rafah, the tribunal added, part of an ongoing case which accuses Israel of acts of genocide against Palestinians.
Israel has previously said it is acting in accordance with international law in Gaza, and has called South Africa’s genocide case baseless and accused Pretoria of acting as “the legal arm of Hamas.”
Islamabad High Court halts government move to block phone SIMs of non-tax filers
- Pakistan’s tax collection body asked the country’s telecom authority to block over half a million SIMs last month
- The court issued a stay order until May 27 after a telecom firm challenged the decision and called it unconstitutional
ISLAMABAD: A Pakistani court on Tuesday issued a stay order against a government directive to block cellphone SIMs of users who did not file their tax returns in 2023, as the lawyer of a telecom company argued the decision was taken in violation of the constitution.
Last month, the Federal Board of Revenue (FBR), the country’s tax collection body, ordered the Pakistan Telecommunication Authority (PTA) to block over half a million SIMs belonging to people required to file taxes but who were not appearing on the active taxpayers’ list.
However, telecom companies were reluctant to implement the directives affecting so many subscribers, prompting the PTA to urge the FBR to revisit its directive.
The discussion continued until the telecom companies decided last Friday to initiate a manual process of disabling the SIMs in small batches. It was widely reported in the local media on Tuesday the Islamabad High Court (IHC) had stayed the implementation of the cellphone blockage until May 27.
“Blocking more than 500,000 SIMs will result in a loss of Rs1 billion annually,” Advocate Salman Akram Raja was quoted as saying by Pakistan’s Geo News channel.
Raja, who was representing Zong, told the court the decision taken by the government was in violation to Article 18 of the constitution, which guaranteed freedom of trade, business and profession.
Pakistan has traditionally faced the challenge of convincing people to file tax returns, but the government has now decided to implement stringent measures to address the problem, particularly in the context of negotiations for a new International Monetary Fund (IMF) loan program.
The IMF has urged Pakistan in the past to enhance revenue collection from non-filers as part of broader economic reforms to support social and development initiatives.
In response, the FBR is taking steps like blocking the SIM cards and considering other punitive measures to enforce tax compliance and widen the tax net.
