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
Army major, 13 militants killed during separate operations in northwestern Pakistan — military
- Major Muhammad Awais, 31, killed while battling militants in South Waziristan district, says military
- Sixteen soldiers were killed on Saturday in northwest Pakistan as Islamabad grapples with militancy
ISLAMABAD: An army major and 13 militants were killed during three separate intelligence-based operations in northwestern Pakistan, the military’s media wing said on Thursday, vowing to eliminate militancy from the country.
Pakistan’s Khyber Pakhtunkhwa province, which lies on the country’s border with Afghanistan, has witnessed frequent attacks by the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP) and other militant groups that targeted security forces convoys and check posts in recent months.
The latest killings were reported after three separate gunbattles between militants and Pakistani security forces from Dec. 25-26, the Inter-Services Public Relations (ISPR) said. Two militants were killed in Bannu district while five others were killed in the North Waziristan district in a separate operation.
“However, during this operation, Major Muhammad Awais (age: 31 years, resident of District Narowal), a brave officer, who was leading his troops from the front, having fought gallantly, paid the ultimate sacrifice and embraced Shahadat [martyrdom],” the ISPR said.
In the third operation in South Waziristan district, six militants were gunned down by the security forces while eight others were injured.
“Security forces of Pakistan are determined to wipe out the menace of terrorism and such sacrifices of our brave soldiers further strengthens our resolve,” the military said.
Prime Minister Shehbaz Sharif paid tribute to Pakistan’s security forces for battling militants and offered condolences for Major Awais’s killing.
“The entire nation salutes martyred Major Owais,” he said in a statement. “We remain resolute in our desire to eliminate all forms of terrorism.”
Pakistan has struggled to contain militancy in its northwestern KP province. Sixteen Pakistani soldiers and eight militants were killed in a gunfight on Saturday in South Waziristan, the military reported.
The attack was claimed by the Pakistani Taliban.
Islamabad has frequently accused neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.
Saudi Arabia denounces Israeli far-right minister’s incursion into Al-Aqsa Mosque
- Itamar Ben-Gvir’s visit and prayer at Al-Aqsa provoked ‘the feelings of Muslims worldwide’
- The Kingdom also condemns the advance by Israeli occupation forces in southern Syria
RIYADH: Saudi Arabia’s Ministry of Foreign Affairs condemned the visit by the Israeli far-right minister Itamar Ben-Gvir to the sacred Al-Aqsa Mosque compound in the Old City in occupied East Jerusalem.
The ministry said that the national security minister’s visit and prayer at the Al-Aqsa compound on Thursday morning was a clear violation and provocation of the feelings of Muslims worldwide.
Ben-Gvir has repeatedly contested the Israeli government’s longstanding ban on Jewish prayer at the Al-Aqsa compound, which has been a focal point of tensions in the Israeli-Palestinian conflict.
The Al-Aqsa compound in the Old City of Jerusalem is Islam’s holiest site after the mosques in Makkah and Madinah and is a symbol of Palestinian national identity.
The Saudi ministry on Thursday also condemned the Israeli occupation forces’ advance in southern Syria after the fall of Bashar Al-Assad’s regime in early December.
“The continuation of (Israeli) military operations in Syria is an attempt to sabotage Syria’s chances of restoring its security and stability,” the ministry said in a statement.
ROSHN launches first residential community in Makkah
JEDDAH: Saudi Arabia’s leading property developer, ROSHN, has officially launched its first residential community in Makkah, marking a significant milestone in the company’s efforts to improve the city’s living standards while supporting the national development goals outlined in Vision 2030.
The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. The groundbreaking ceremony was attended by a host of prominent figures, including Makkah Mayor Musaed bin Abdulaziz Al-Dawood, Royal Commission for Makkah and Holy Sites CEO Saleh bin Ibrahim Al-Rasheed, Real Estate General Authority CEO Abdullah Al-Hammad, and ROSHN’s acting CEO Khaled Jawhar. The event also saw participation from officials across both the public and private sectors.
Strategically positioned, the Al-Manar community is just a 20-minute drive from the Grand Mosque, less than an hour from King Abdulaziz International Airport in Jeddah, and only two minutes from Makkah’s western gateway. The development’s design thoughtfully integrates the region’s rich cultural and architectural heritage, blending modernity with tradition.
The Saudi government, under Vision 2030, has set ambitious targets to boost homeownership among citizens, aiming for 70 percent by the end of the decade.
ROSHN is playing a pivotal role in achieving this goal by developing large-scale residential projects that offer high-quality and affordable housing options for Saudi citizens. These initiatives are in line with the government’s strategy to expand the housing sector, elevate living standards, and provide homes for the country’s growing population.
At the ceremony, attendees were given a tour of model villas and previewed the diverse residential designs available within the community. The Al-Manar development will feature a variety of villas alongside essential amenities such as schools, mosques, shopping centers, healthcare facilities, open spaces, and recreational areas.
Khaled Jawhar, acting CEO of ROSHN, explained that the project spans over 21 million sq. meters and will provide more than 33,000 housing units. Additionally, it will offer more than 150 facilities designed to meet the needs of residents and support community well-being.
Saleh bin Ibrahim Al-Rasheed, CEO of the Royal Commission for Makkah and Holy Sites, emphasized the significance of the Al-Manar community as the first fully integrated ROSHN development in Makkah.
“Located at the city’s western gateway, within the Haram boundaries, this project reflects our commitment to facilitating impactful developments that drive long-term growth and sustainability,” Al-Rasheed said.
KSrelief distributes food aid to displaced persons from Pakistani district facing sectarian clashes
- 500 food packages distributed to people from Kurram district currently residing in Tehsil Thall and facing urgent food insecurity
- KSrelief has implemented 210 projects in Pakistan worth millions of dollars to improve the lives of vulnerable communities
ISLAMABAD: Saudi Arabia’s King Salman Humanitarian Aid and Relief Center (KSrelief) on Thursday launched a food security initiative in Pakistan’s northwestern Khyber Pakhtunkhwa province, distributing food packages to people from a district marred by sectarian clashes since last month.
Kurram — a tribal district of around 600,000 in the northwestern Khyber Pakhtunkhwa where federal and provincial authorities have traditionally exerted limited control — has frequently experienced violence between its Sunni and Shia communities over land and power. Travelers to and from the town often ride in convoys escorted by security officials. The latest violence erupted on Nov. 21 when gunmen ambushed a vehicle convoy, killing 52 people, mostly Shias.
The assault triggered road closures and other measures that have disrupted people’s access to medicine, food, fuel, education and work. Over 130 people have been killed in the fighting that has ensued after the convoy attack, according to police records.
“As part of this effort, 500 food packages were distributed to displaced beneficiaries from Kurram district, who are currently residing in Tehsil Thall and facing urgent food insecurity,” the Saudi charity KSRelief said in a statement.
“The distribution took place in a camp in District Hangu, providing timely relief to displaced families in need.”
The initiative is part of KSrelief’s first phase of the Food Security Support Project for 2024-25, which aims to distribute 10,000 food packages among poor people across 14 districts in Khyber Pakhtunkhwa.
KSrelief has implemented 210 projects in Pakistan worth millions of dollars to improve the lives of vulnerable communities. Efforts include emergency relief for natural disasters, and long-term projects addressing food security, health care, education, and shelter. Shelter NFI and Winter Kits Project are notable initiatives providing essential items to families in harsh weather conditions, and food distribution programs that combat hunger and malnutrition.
In partnership with UNICEF, KSrelief supports critical health initiatives, such as vaccination campaigns to prevent polio and measles, safeguarding millions of children. The Noor Saudi Volunteer Project provides free eye care through eye camps, combating blindness among underprivileged populations.
Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1
RIYADH: Saudi Venture Capital has invested over SR90 billion ($24 billion) in the Jadwa GCC Private Equity Fund 1.
The fund aims to raise SR1.5 billion, with a hard cap of SR2 billion, and marks Jadwa’s first regional blind-pool private equity fund, a press release issued on Thursday said.
It said the fund will focus on investing in a diversified portfolio of high-potential private equity opportunities across Saudi Arabia and the wider Gulf Cooperation Council region.
Commenting on the development, Nabeel Koshak, CEO and board member of SVC, said:
“Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in Saudi Arabia. This investment will stimulate and sustain funding for high-potential companies in Saudi Arabia, contributing to the economic diversification objectives of Saudi Vision 2030.”
Founded in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. Its mission is to stimulate and sustain financing for startups and small and medium enterprises at various stages—from pre-seed to pre-IPO—through investments in funds as well as direct investments into emerging companies.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, added: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”
Jadwa Investment is a leading investment management and advisory firm in the MENA region.
