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
South Korea’s parliament convenes for acting president impeachment vote
- Push to impeach acting president Han Duck-soo has thrown South Korea’s once-vibrant democratic success story into uncharted territory
- Plan for a vote to impeach Han was after he declined to immediately appoint three justices to fill vacancies at the Constitutional Court
SEOUL: South Korea’s parliament began a session on Friday where a vote to impeach acting President Han Duck-soo over short-lived martial law is scheduled, as the Constitutional Court said it would swiftly decide suspended President Yoon Suk Yeol’s fate.
The push to impeach Prime Minister Han Duck-soo, who has been acting president since Yoon was impeached on Dec. 14 for declaring martial law on Dec. 3, has thrown South Korea’s once-vibrant democratic success story into uncharted territory.
Ahead of the parliamentary session, opposition leader Lee Jae-myung said his Democratic Party, which has majority control of parliament, will go ahead with the plan to impeach the acting president, accusing Han of “acting for insurrection.”
“The only way to normalize the country is to swiftly root out all the insurrection forces,” Lee said in a fiery speech, adding the party was acting on the public order to eradicate those who have put the country at risk.
There has been overwhelming public support for Yoon’s removal, according to opinion polls conducted after his martial law attempt.
The plan for a vote to impeach Han was unveiled on Thursday by the main opposition Democratic Party after he declined to immediately appoint three justices to fill vacancies at the Constitutional Court, saying it would exceed his acting role.
It remained unclear how many votes are needed to impeach Han as acting leader. The threshold for a prime minister is a simple majority, while a two-thirds majority is needed for a president. It is also unclear whether Han and the ruling party would accept any outcome.
If Han is suspended, Finance Minister Choi Sang-mok will assume the acting presidency by law.
Lee’s pledge to oust Han came minutes after Choi warned that impeaching the acting president would seriously damage the country’s economic credibility and asked political parties to withdraw the plan.
“The economy and the people’s livelihoods are walking on thin ice under a national state of emergency and it cannot cope any greater political uncertainty that will result from another acting president assuming the acting presidency,” he said.
Choi spoke for the country’s cabinet, flanked by ministers.
The South Korean won weakened to a fresh low of 1,486.7 per dollar on Friday, the weakest since March 2009, as analysts said there was little to reverse the negative sentiment stemming from the political uncertainty.
The vote to determine Han’s fate comes on the same day the Constitutional Court held its first hearing in a case reviewing whether to overturn the impeachment and reinstate Yoon or remove him permanently from office. It has 180 days to reach a decision.
Speaking for the court in a preparatory hearing, Justice Cheong Hyung-sik said the court will move swiftly on the case considering its gravity, denying a request by Yoon’s lawyers for a postponement in proceedings to better prepare the case.
In the hearing that wrapped up under an hour, the court set the next hearing for Jan. 3.
Yoon Kap-keun, one of the lawyers representing the impeached president, later told reporters the legal team is still adding members and that Yoon himself plans to appear in person in the future.
The hearing follows weeks of defiance by Yoon ignoring requests by the court to submit documents as well as summons by investigators in a separate criminal case over his martial law declaration.
Yoon was not required to attend Friday’s hearing. If he ousted, a new presidential election would be held within 60 days.
WORST POLITICAL CRISIS IN DECADES
The events following the Dec. 3 martial law declaration have plunged the country into its gravest political crisis since 1987, when widespread protests forced the ruling party of former military generals into accepting a constitutional amendment bringing in direct, popular vote to elect the president.
Yoon shocked the country and the world with a late-night announcement on Dec. 3 that he was imposing martial law to overcome political deadlock and root out “anti-state forces.”
The military deployed special forces to the national assembly, the election commission, and the office of a liberal YouTube commentator.
It also issued orders banning activity by parliament and political parties, as well as calling for government control of the media.
But within hours 190 lawmakers had defied the cordons of troops and police and voted against Yoon’s order. About six hours after his initial decree, Yoon rescinded the order.
Yoon and senior members of his administration also face criminal investigations for insurrection.
Oil Updates — prices set for weekly gain on China stimulus optimism
RIYADH: Oil prices were little changed on Friday but were set for a weekly rise amid optimism that economic stimulus efforts will prompt a recovery in China, but a stronger dollar capped gains, according to Reuters.
Brent crude futures fell 2 cents to $73.24 a barrel by 08:35 a.m. Saudi time. US West Texas Intermediate crude was at $69.61, down 1 cent, from Thursday’s close. However, on a weekly basis, Brent was up 0.4 percent and WTI rose 0.2 percent.
The World Bank on Thursday raised its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.
China, the world’s biggest oil importer, revised upwards its 2023 gross domestic product estimate by 2.7 percent, but also said the change would have little impact on growth this year.
Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported this week citing sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.
However, a stronger US dollar weighed on oil prices and capped gains. The greenback has risen about 7 percent this quarter and remained pinned at a near two-year peak against major peers after the Federal Reserve signaled slower rate cuts in 2025.
A stronger dollar makes oil more expensive for holders of other currencies.
The latest weekly report on US inventories from the American Petroleum Institute industry group showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday. API/S
Traders will be waiting to see if the official inventory report from the US Energy Information Administration confirms the decline. The EIA data is due at 9 p.m. Saudi time on Friday, later than normal because of the Christmas holiday.
Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.
‘Dangerous new era’: climate change spurs disaster in 2024
- This year was hottest in history, with record-breaking temperatures in atmosphere, oceans acting like fuel for extreme weather
- World Weather Attribution said nearly every disaster they analyzed over the past 12 months was intensified by climate change
PARIS: From tiny and impoverished Mayotte to oil-rich behemoth Saudi Arabia, prosperous European cities to overcrowded slums in Africa, nowhere was spared the devastating impact of supercharged climate disasters in 2024.
This year is the hottest in history, with record-breaking temperatures in the atmosphere and oceans acting like fuel for extreme weather around the world.
World Weather Attribution, experts on how global warming influences extreme events, said nearly every disaster they analyzed over the past 12 months was intensified by climate change.
“The impacts of fossil fuel warming have never been clearer or more devastating than in 2024. We are living in a dangerous new era,” said climate scientist Friederike Otto, who leads the WWA network.
That was tragically evident in June when more than 1,300 people died during the Muslim Hajj pilgrimage in Saudi Arabia where temperatures hit 51.8 degrees Celsius (125 degrees Fahrenheit).
Extreme heat — sometimes dubbed the ‘silent killer’ — also proved deadly in Thailand, India, and United States.
Conditions were so intense in Mexico that howler monkeys dropped dead from the trees, while Pakistan kept millions of children at home as the mercury inched above 50C.
Greece recorded its earliest ever heatwave, forcing the closure of its famed Acropolis and fanning terrible wildfires, at the outset of Europe’s hottest summer yet.
Climate change isn’t just sizzling temperatures — warmer oceans mean higher evaporation, and warmer air absorbs more moisture, a volatile recipe for heavy rainfall.
In April, the United Arab Emirates received two years worth of rain in a single day, turning parts of the desert-state into a sea, and hobbling Dubai’s international airport.
Kenya was barely out of a once-in-a-generation drought when the worst floods in decades delivered back-to-back disasters for the East African nation.
Four million people needed aid after historic flooding killed more than 1,500 people across West and Central Africa. Europe — most notably Spain — also suffered tremendous downpours that caused deadly flash flooding.
Afghanistan, Russia, Brazil, China, Nepal, Uganda, India, Somalia, Pakistan, Burundi and the United States were among other countries that witnessed flooding in 2024.
Warmer ocean surfaces feed energy into tropical cyclones as they barrel toward land, whipping up fierce winds and their destructive potential.
Major hurricanes pummelled the United States and Caribbean, most notably Milton, Beryl and Helene, in a 2024 season of above-average storm activity.
The Philippines endured six major storms in November alone, just two months after suffering Typhoon Yagi as it tore through Southeast Asia.
In December, scientists said global warming had helped intensify Cyclone Chino to a Category 4 storm as it collided head-on with Mayotte, devastating France’s poorest overseas territory.
Some regions may be wetter as climate change shifts rainfall patterns, but others are becoming drier and more vulnerable to drought.
The Americas suffered severe drought in 2024 and wildfires torched millions of hectares in the western United States, Canada, and the Amazon basin — usually one of Earth’s wettest places.
Between January and September, more than 400,000 fires were recorded across South America, shrouding the continent in choking smoke.
The World Food Programme in December said 26 million people across southern Africa were at risk of hunger as a months-long drought parched the impoverished region.
Extreme weather cost thousands of lives in 2024 and left countless more in desperate poverty. The lasting toll of such disasters is impossible to quantify.
In terms of economic losses, Zurich-based reinsurance giant Swiss Re estimated the global damage bill at $310 billion, a statement issued early December.
Flooding in Europe — particularly in the Spanish province of Valencia, where over 200 people died in October — and hurricanes Helene and Milton drove up the cost, the company said.
As of November 1, the United States had suffered 24 weather disasters in 2024 with losses exceeding $1 billion each, government figures showed.
Drought in Brazil cost its farming sector $2.7 billion between June and August, while “climatic challenges” drove global wine production to its lowest level since 1961, an industry body said.
Sound judgement: The best Arab alternative albums of 2024
- Bojan Preradovic’s pick of records released by indie artists from the Arab world this year
Tayar
‘Kol Shi Sar’
Tayar consists of Amman-based songwriters Ahmad Farah and Bader Helalat, who is also a producer and filmmaker. Since 2020, the pair have released a string of singles and EPs, often using their music as a means of processing life in a region immersed in grave injustice and trauma. Their first LP is a genre-defying record that oscillates effortlessly between indie rock, earworm electronica, and delectable, quartertone-laced neo-psychedelia. Between gorgeous, piano-driven interludes, Farah and Helalat snake their way through a sonic canvas of exquisite vocal harmonies, irresistibly danceable beats, synth-soaked laments, and lusciously arranged instrumentals narrated by the likes of double bass, oud, and trumpet.
Fulana
‘ground:from — Chapter One’
Vancouver-born, Jeddah-raised artist Nadine Lingawi’s evolution as a songwriter since signing with Saudi Arabia’s Wall of Sound in 2020 has been remarkable, culminating in this month’s ‘ground:from,’ an enlightened exploration of brooding indie pop and instantly iconic electronica. Collaborating with Abdulmajeed Alwazna and Husam Al-Sayed — Saudi duo Input/Output — Lingawi employs her lyrical prowess to convey deep, existential ruminations on themes such as death and rebirth. While watery, delay-drenched guitars drive tracks such as opener ‘the burn’ and ‘decompose’, and memorable synth melodies are an indelible feature of ‘letter #9’ and ‘marigold’, it’s Lingawi’s soulful vocal delivery and tasteful harmonies that power the album’s allure. An immensely talented up-and-comer to watch out for.
Tamara Qaddoumi
‘Sorry Signal’
The Kuwaiti-born singer-songwriter moves on from her dalliance with trip-hop into the glacial embrace of profound, reliably infectious cold pop. “Sorry Signal” sees Qaddoumi bristle with brilliance, as she reflects on lost innocence and the insidious, shape-shifting nature of grief. From the crystalline harmonies elegantly wrapped around disquieting introspections of “Cold In The Mourning” to the heaving torrents of synths and rhythmic beats of the title track, Qaddoumi weaves the threads of seemingly insurmountable desolation into a compellingly hopeful requiem that looks to a brighter tomorrow.
Hello Psychaleppo
‘Cipher’
The Syrian producer, songwriter, and multi-instrumentalist Samer Eldahr has audaciously pushed the boundaries of the very foundation of traditional Arabic music for the past decade. With his third LP, he has fully alchemized his own brand of electro-tarab, sharpening any rough edges into a well-rounded, unmistakably unique sound. The album features illustrious guest appearances, including former Mashrou’ Leila frontman Hamed Sinno, and DJ, producer, and singer Anas Maghrebi (formerly of Khebez Dawle), whose vocals grace the feverish beats and synths of the album opener, “Katha Altawq.” “Cipher” is a towering addition to Hello Psychaleppo’s already impressive catalogue.
Snakeskin
‘They Kept Our Photographs’
Julia Sabra — frontwoman of Lebanese dream-pop outfit Postcards — has a long history with producer Fadi Tabbal — who has shepherded countless indie artists in his Beirut-based Tunefork Studios. Their sophomore album as Snakeskin perfects the distinctive formula of Sabra’s ethereal, instantly recognizable vocals and Tabbal’s visionary production and electronic experimentation. The pair are at their most imperious on tracks like “Bodies,” which rattles off a machine-gun beat as a scene-setter for Sabra, who vocalizes with both fragility and poise to the aqueous, hypnotic soundscapes of synths engineered by Tabbal. This is a mournful, beautiful record, to be listened to with headphones in the twilight of a dying day, or just before the dawn of a new one.
Garwasha
‘Garwasha’
Saudi Arabia isn’t known for its jazz, but Riyadh-based, alternative fusion band Garwasha aim to change that with their debut album — a dexterous combo of jazz, rock, and experimental instrumentation, with nods to elements of traditional Arabic music. The LP is brimming with musicianship, as the four-piece storm through vibrant, frequently playful tracks. The eight-minute “Consolacao” is a mélange of jazzy progressions, funky breakdowns, and showcases of virtuosity. Meanwhile, song titles such as “Dancing Delicately Along the Dichotomies of Reverse Orientalism” follow a curious naming convention often deployed by post-rock bands that, like Garwasha, communicate their message effectively solely through the strength of their music.
Seera
‘Al Mojallad Al Awal’
All-female Saudi foursome Seera’s debut LP is an amalgam of psychedelic and indie rock that employs nuances of traditional Arabic music, stylishly ornamented by cathartic guitar parts, keyboard passages reminiscent of The Doors and the artistic exuberance of the late Sixties, and tinges of everything from blues to electronica. With an anonymous drummer who goes only by ‘Thing’ and wears a mask symbolizing Saudi heritage, Seera’s rise embodies the ongoing cultural change within the Kingdom, the blossoming spirit of creative freedom, and female empowerment.
Thunder run streak to 9 games as Shai ties career high with 45 points
- In a Florida showdown, Tyler Herro sank a jump shot with 0.1 of a second remaining to give the Miami Heat an 89-88 NBA thriller triumph over the host Orlando Magic
WASHINGTON: Shai Gilgeous-Alexander matched his career high with 45 points to lead the Oklahoma City Thunder over the Indiana Pacers 120-114 on Thursday, stretching their NBA win streak to nine games.
The 26-year-old Canadian guard made 15-of-22 shots from the floor, 4-of-5 from 3-point range, and all 11 of his free throws while adding seven rebounds, eight assists, two blocked shots and a steal in a maestro performance.
“It’s the extra plays that put you over the edge,” Gilgeous-Alexander said. “We have a group of guys that are hungry to do whatever it takes to win and that’s why we win.”
Jalen Williams added 20 points and Isaiah Hartenstein contributed 11 points and 13 rebounds for the Thunder in his 11th double-double of the season.
The Western Conference-leading Thunder are 24-5 and on a roll despite a loss in the NBA Cup final to Milwaukee that didn’t count against them in the regular season.
“The main thing is it’s genuine,” said Hartenstein. “We’re not coming in trying to fake something. We really all support each other.
“We’re not trying to put something on for the TV or for the world to see. We’re really supporting each other and I think that’s what makes it special.”
Andrew Nembhard led the host Pacers (15-16) with 23 points. Indiana took a 61-53 half-time lead before the Thunder struck in the second half and closed the game on a 17-7 run for the victory.
“We didn’t get off to the start we wanted,” Gilgeous-Alexander said. “But that’s what good teams do, play through situations and because we did that we got the W.”
Gilgeous-Alexander, who set his career high of 45 points last month in a victory over the Los Angeles Clippers, sank a 3-pointer to give Oklahoma City a 114-109 edge with 59 seconds remaining and sank six free throws in the final 36 seconds to seal the triumph.
His crucial 3-pointer came after extra work on his outside shooting and confidence to keep firing after a miss.
“It feels good, but that’s what the work is about,” Gilgeous-Alexander said. “It went in because I took the shot.
“In the past, I probably would have gotten discouraged missing one and not shooting it, but I would like to think I’ve grown a bit, enough to trust in my work, take a shot, stay true to it and it paid off tonight because of that.
“But it’s about continuing to push forward. I’m going to miss some and I’m going to make some. You’ve always got to stay shooting.”
In a Florida showdown, Tyler Herro sank a jump shot with 0.1 of a second remaining to give the Miami Heat an 89-88 NBA thriller triumph over the host Orlando Magic.
Herro scored 20 points to lead the Heat, whose president Pat Riley said hours earlier that the team has no plans to trade All-Star forward Jimmy Butler.
At Washington, the NBA-worst Wizards improved to 5-23 by beating Charlotte 113-110 as Jordan Poole scored 25 points, including the go-ahead 3-pointer for Washington with 8.1 seconds remaining.
Host Atlanta got 30 points and 15 rebounds from Jalen Johnson and 27 points and 13 assists from Trae Young in a 141-133 triumph over Chicago. Zach LaVine had 37 points in a losing cause.
The Houston Rockets, led by 30 points from Jalen Green and 27 off the bench by Cam Whitmore, beat host New Orleans 128-111.
With stars Giannis Antetokounmpo and Damian Lillard out due to illness, the Milwaukee Bucks lost at home to Brooklyn 111-105 as Cameron Johnson led the Nets with 29 points.
Zach Edey had 21 points and 16 rebounds and Jaren Jackson added 21 points and 11 rebounds to spark the Memphis Grizzlies over visiting Toronto 155-126.
