DP World submitted a joint bid along with Israel Shipyard Industries to privatise Israel’s Haifa Port. Both parties signed an agreement for exclusive cooperation in the privatisation of the port. This is one of the biggest deals to happen after both Israel and the UAE agreed to normalise terms in September earlier this year.

DP World signed a memorandum of understanding (MoU) with Israel’s DoverTower- co-owner of Israel Shipyards, with regard to the privatisation of Haifa Port in September.

In this regard, DP World Chairman Sultan Ahmed bin Sulayem earlier told the media, “Israel has two ports, the port of Ashdod and the port of Haifa. They are strong ports in excellent locations. If there is an opportunity, there is nothing to prevent us from having a presence there.”

“Our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently,” he added.

DP World also signed a Memorandum of Understanding (MoU) with Bank Leumi to enhance trade and logistics in Israel. Under the terms of the deal, both parties will promote trade between Israel and the wider Arab region. They will also access opportunities to develop ports or logistics assets in Israel.

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The International Road Transport System ensures security during movement of goods. With that, stakeholders will be able to enable seamless maritime movement of goods under import, transit, and export customs regulations using Khalifa Port. Khalifa Port is Abu Dhabi’s deepwater port built to accommodate large ships.

Ahmed Al Mutawa, CEO of ADAC, said: “At Abu Dhabi Terminals, we are always striving to stay ahead of the curve, and partnering with ACTUAE is a step in this direction. The demand for our services and maritime traffic has grown significantly in ADT over the past years. We are doubling our capacity by the end of 2020, and our station will be connected to the Union Railway in the future. Therefore, as traffic increases and our interior expands beyond UAE borders, it is essential that ADT promote tools and products that not only improve the ease of doing business for our customers but provide a seamless transaction experience.”

The International Road Transport System is operating in all the seven UAE emirates, media reports said. It is certified by the customs authorities.

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DP World’s UAE operations contribute more than 33.4 percent of Dubai’s GDP, media reports said. This initiative will enhance the business climate by supporting more than 7,500 businesses in Jafza. 

Trade is pivotal to Dubai’s economic development. DP world has played an important role in supporting trade in the country. Mohammed Al Muallem, chief executive and managing director of DP World, UAE region and chief executive of Jafza, told the media, “It’s a timely move to inspire our customers towards pursuing their business targets with greater confidence and purpose. It’s specifically designed to create value and opportunities for the companies to channel their resources to support their activities sustainably,” 

It is reported that Jafza represents nearly 23.9 percent of total foreign direct investment flow into Dubai, creating job opportunities for more than 135,000 people. Jafza generated trade worth $93 billion in 2018. 

Jafza is one of the top free trade zones in the world and houses more than 7,500 multinational companies. Jebel Ali Port and Free Zone established a multi-modal hub with sea, air and land connectivity. 

Last year, free zones were a major factor to driving foreign trade in Dubai. The UAE’s non-oil foreign trade increased by 6 percent to Dh1.37 trillion in 2019 as a result of higher economic activity across the emirate’s free zones.

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DP World will be fully owned by Port and Free Zone World upon completion of the deal. Port and Free Zone World is a wholly-owned unit of Dubai World. 

DP World is delisting to shift focus on its long-term strategy of becoming the leading logistics provider globally. Port and Free Zone World already holds 80.55 percent of DP World’s share capital. It will pay the port operator $5.15 billion to clear any outstanding debt to lenders. 

It is reported that Port and Free Zone World will finance the transaction with the help of Citibank and Deutsche Bank. The two banks have played a significant role in advising Port and Free Zone on the deal. 

DP World operates 48 marine terminals and 13 port developments in over 30 countries. It is headquartered in Jebel Ali Port in Dubai. 

Yuvraj Narayan, group chief financial, strategy and business officer of DP World, said in a statement, “Delisting from Nasdaq Dubai is in the best interest of the company, enabling it to execute its medium to long-term strategy … In contrast, public markets typically hold a short-term view. As a result of this gap, the DP World strategy is not fully appreciated by the equity markets, and consequently is not reflected in the company’s share price performance.”

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According to media reports, the Mayer family, who founded Swissterminal, will remain the majority shareholder after
DP World’s stake purchase. The financial details of the deal are yet not known.

Also, the deal does not bring in any changes to the structure of the company and Roman Mayer will also retain his role as the chief executive officer of Swissterminal.

With regard to the stake purchase in Swissterminal, DP World Logistics managing director Martin Neese told the media, “We are excited to invest in an innovative container terminal operator with extensive industry know-how, committed employees and strong values. The strategic partnership with Swissterminal strengthens DP World’s position as a leading provider of inland supply chain solutions.”

“Swissterminal is a perfect match to our existing inland and seaport operations in Europe. We look forward to developing new intermodal solutions together for the benefit of our customers.”

The acquisition is expected to increase DP World’s footprint in Europe. Prior to the deal, DP World’s Inland’s European terminal network was limited to four locations in Germany and Belgium. But now, the deal sees the network increase to nine locations.

Last year, it was reported that DP World is considering further acquisitions in the logistics and supply chain sector.

According to DP World CEO and Managing Director Mohammed Al Muallem, the company wants to strengthen its position as a trade enabler.

The post DP World’s to strengthen in Europe after buying 44% in Swissterminal appeared first on International Finance.

Once operational, the chemical facility developed by AquaChemie will serve as a strategic gateway that will facilitate smoother chemical trade within the UAE and across the GCC nations.

The facility will also boost the global petrochemical market which is valued at around $539.3 billion.

It will have bulk storage tanks for liquid hydrocarbons chemical processing units, automated drumming lines, warehousing and storage facilities, dedicated road tankers and large trailer truck fleet, pump house and main hose exchange station, separate road tanker entrance with weigh bridge, loading and unloading ramp for forklift operation, and an office block with control rooms.

According to media reports, AquaChemie has signed a deal with Mott MacDonalds-an employee-owned management, engineering, and development consultancy. According to the deal, the UK-based consultancy firm will be providing design, engineering and project management services for the strategic facility.

With regard to the project in the UAE, V Anandkumar, co-founder and director of AquaChemie Middle East, told the media, “The project will serve as a catalyst to boost petrochemical trade between manufacturers in the region and end-users anywhere in the globe. In addition to serving as a sales channel, the project will also allow regional petrochemical majors to market their various product lines in drums or intermediate bulk containers for distribution to the tertiary chemical industry.”

He also pointed out that the project will also serve as a regional hub for other global trading partners to ship economically, in bulk and distribute in smaller packaging.

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The housing project, spanning across 75,000 square metres, has four staff quarters, a management dormitory and two supporting rooms. It also has a supporting community living infrastructure, the development which will be completed in two phases; the first phase is expected to be completed by March 2020.

According to Samir Chaturvedi, CEO, Kizad, more than a quarter of the UAE’s Asian imports come from China.

With regard to Abu Dhabi Ports’ housing project, he told the media that, “The timing for this great step forward could not be better. With such a stable and sustainable relationship with our Chinese partner, an investment in manpower is one of the most valuable decisions you can make, and this iconic and collaborative project reinforces the confidence and mutual benefits we achieve through our strategic partnership.”

Abu Dhabi Ports is also planning to provide financial assistance to companies setting camp in the China-UAE Industrial Capacity Cooperation Demonstration Zone.

During the first half of the year, the total volume of cargo handled by Abu Dhabi Ports was up by 10 percent year-on-year. While container throughput at Khalifa Port surged by more than 82 percent, the number of cruise ship calls increased by 38 percent. Not only that, it also witnessed a significant increase in the total volume of cargo handled across all its ports.

The surge can be attributed to the agreement Abu Dhabi Ports signed with the Mediterranean Shipping Company and COSCO Shipping Ports, and also, to the launch of the COSCO Shipping Ports’ Abu Dhabi Terminal at Khalifa Port. The agreement positioned Abu Dhabi as a key regional hub for COSCO’s global network of 285 berths at 37 ports.

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Maspion is an Indonesian conglomerate based in Surabaya, East Java. The Emirati-Indonesian joint venture will be located less than ten miles from the Surabaya Container Terminal, media reports said. The venture will mark the first public-private partnership for Indonesia’s transportation sector involving an FDI partner and a private sector Indonesian company in Maspion. 

DP World-developed Maspion International Container Port is expected to commence its commercial operations in the first half of 2022, with a vision to bolster East Java’s infrastructure.  The vision is part of President Joko Widodo’s programme to drive economic growth. 

DP World CEO and Chairman Sultan Ahmed bin Sulayem, said, “This partnership will be a major addition to our global portfolio and a new step in our ongoing expansion. It will also enhance our continuing commitment to Indonesia, one of the most important world economies.” 

The signing of the DP World Maspion agreement was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and President Joko Widodo of Indonesia.

It seems that a 360 hectare industrial and logistics park could create an attractive trade landscape for both Indonesian and global businesses. The collaboration is seen as a major development for both parties and it also reflects Maspian’s ongoing expansion, Dr. Alim Markus, President Director and CEO of Maspion said. 

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