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MIDEAST STOCKS #Saudi outperforms major Gulf bourses after IMF forecast | Reuters

MIDEAST STOCKS Saudi outperforms major Gulf bourses after IMF forecast | Reuters Most major stock markets in the Gulf were little changed on Wednesday, amid inflation fears, while the Saudi index outperformed the region after the International Monetary Fund raised its economic growth forecast.Investors are worried about the economic slowdown and inflation, which is proving less temporary and could entail central banks to take action earlier than expected, said Wael Makarem, senior market s...
Tags: Travel, Saudi Arabia, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, Reuters, DP World, Emaar, Tasi, Rupert Neil Bumfrey, Industries Qatar, QSI, Gulf Egypt, Abu Dhabi Securities Exchange ADX


#Dubai's DP World, UK's CDC to invest up to $1.7 bln in Africa | Reuters

Dubai's DP World, UK's CDC to invest up to $1.7 bln in Africa | Reuters Dubai ports giant DP World and Britain's development finance agency CDC Group on Tuesday said they planned to jointly invest up to $1.72 billion in logistics infrastructure in Africa over the next several years, starting with modernising three ports.The investments will initially focus on expanding ports operated by DP World in Egypt's Ain Sokhna, Senegal's Dakar and Berbera in Somalia's breakaway region of Somaliland, CDC...
Tags: Travel, UK, Cdc, Africa, Britain, Egypt, Dubai, Somalia, Reuters, State, Dakar, DP World, Rupert Neil Bumfrey, Reuters Dubai, Berbera, CDC Group


DP World sees no quick end to global shipping bottlenecks | Reuters

DP World sees no quick end to global shipping bottlenecks | Reuters Dubai ports giant DP World sees no early end to disruptions in global supply chains that have set off delays at ports and logistics hubs around the world, its chairman said on Friday.The disruptions, a result of pandemic lockdowns and an unexpectedly rapid recovery in demand, have also led to shipping container shortages and skyrocketing freight rates."I really don't think it's going to be resolved this year, DP World's Sultan...
Tags: Travel, Dubai, Reuters, DP World, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem, Reuters Dubai, Sulayem


#Dubai's DP World says first-half profit jumps almost 52% | Reuters

Dubai's DP World says first-half profit jumps almost 52% | Reuters Dubai's DP World (DPWRD.UL) said on Thursday profit jumped almost 52% in the first half of 2021, fuelled by higher consumer spending and a rebound in global trade since the coronavirus pandemic.DP World, one of the world's biggest port operators, said profit attributable to owners of the company jumped to $475 million in the period ended June 30, from $313 million last year.Revenues rose 21% to $4.95 billion, from $4.0 billion ...
Tags: Travel, Dubai, Reuters, DP World, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem, Reuters Dubai


Fiery blast rocks container ship in Dubai port

By Isabel Debre and Aya Batrawy | Associated Press DUBAI, United Arab Emirates (AP) — A fiery explosion erupted on a container ship anchored in Dubai at one of the world’s largest ports late Wednesday, authorities said, sending tremors across the commercial hub of the United Arab Emirates. The blaze sent up giant orange flames on a vessel at the crucial Jebel Ali Port, the busiest in the Middle East that sits on the eastern side of the Arabian Peninsula. A fire caused by an explosion within a c...
Tags: Asia, News, Accidents, Wam, Africa, Sport, World news, Soccer, Middle East, United Nations, United Arab Emirates, Dubai, Associated Press, Uae, Port, State


Port Operator DP World Buys US Logistics Firm in $1.2B Deal

One of the world’s largest port operators, DP World, says it has acquired an American logistics firm in a $1.2 billion deal.
Tags: DP World, Port Operator DP World Buys US Logistics Firm


#Dubai's DP World hires banks for sale of flagship free zone stake-sources | Reuters

Dubai's DP World hires banks for sale of flagship free zone stake-sources | Reuters Dubai's DP World has hired banks to help sell a minority stake in its flagship business park, Jebel Ali Free Zone, which could fetch a few billion dollars, three sources familiar with the deal said.It hired JPMorgan (JPM.N), Standard Chartered (STAN.L) and First Abu Dhabi Bank (FAB.AD) for the transaction that is likely to draw interest from infrastructure funds, private equity firms and other investors such as...
Tags: Travel, United Arab Emirates, Dubai, Reuters, DP World, Jebel Ali, Rupert Neil Bumfrey, Jebel Ali Port, Reuters Dubai, Jebel Ali Free Zone, First Abu Dhabi Bank, JPMorgan JPM N Standard Chartered STAN, Dubai Jafza


DP World Said to Weigh Sale of Stake in Jebel Ali Free Zone - Bloomberg

DP World Said to Weigh Sale of Stake in Jebel Ali Free Zone - Bloomberg DP World is considering offering international investors a chance to buy into the Jebel Ali Free Zone, a prized asset that helped transform Dubai into a hub of global trade, as it looks for ways to cut its debt pile.The Dubai-based port operator is working with advisers to gauge interest in the sprawling industrial park, according to people familiar with the matter. DP World is considering options including selling a stake...
Tags: Travel, Europe, London, Saudi Arabia, Chile, Dubai, Abu Dhabi, State, Antwerp, DP World, Chen, Bloomberg Intelligence, Rupert Neil Bumfrey, Jebel Ali Free Zone, Sharon Chen, Puertos y Logistica


Westwood named 2020 Seve Ballesteros Award winner as Players' Player of the Year

Lee Westwood. Picture: Getty Lee Westwood has been named the winner of the Seve Ballesteros Award as the 2020 European Tour Players’ Player of the Year following a remarkable season that culminated in the 48-year-old topping the Race to Dubai Rankings presented by Rolex and being crowned European Tour Number One for the third time in his storied caree...
Tags: Europe, UK, France, Sport, Golf, Lee Westwood, European Tour, Dubai, Abu Dhabi, Seve Ballesteros, Lee, DP World, David Howell, Fitzpatrick, Westwood, Keith Pelley


#Dubai's DP World says near-term trading environment positive | Reuters

Dubai's DP World says near-term trading environment positive | ReutersGlobal port operator DP World on Thursday said the near-term trading environment was positive as it reported a 10.2% increase in first quarter shipping containers volumes.The Dubai state-owned company handled 18.9 million shipping containers in the January-March period, compared to 17.2 million in the same period a year earlier."This performance is ahead of expectations and illustrates the resilience of the global container in...
Tags: Travel, Australia, India, Africa, Asia Pacific, Dubai, Reuters, The Americas, DP World, Europe Middle East, Rupert Neil Bumfrey, Jebel Ali Port, Ahmed bin Sulayem, ReutersGlobal


#Dubai's DP World to be selective on new investments, remains cautious for 2021 | ZAWYA MENA Edition

Dubai's DP World to be selective on new investments, remains cautious for 2021 | ZAWYA MENA EditionDP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said he was cautious about the outlook for 2021 and will be selective on new investments.“Looking ahead, we will continue to be selective on new investments and focus on the integration of our recent acquisitions to drive synergies, containing costs to protect profitability and managing growth capex to preserve cashflow. We remain strongly co...
Tags: Travel, Dubai, DP World, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem, Nasdaq Dubai, MENA EditionDP World Group, EBITDA Sulayem


Port Operator DP World Sees 2020 Profits Drop 29% Amid Virus

Dubai-based port operator DP World has announced its profits slid 29% in 2020 from the previous year to $846 million, as the coronavirus pandemic froze supply chains and upended global trade flows.
Tags: Dubai, DP World


DP World-backed freeport 'open for business' after winning UK government bid | The National

DP World-backed freeport 'open for business' after winning UK government bid | The National A UAE-backed freeport on the river Thames won the support of the British government on Wednesday, after UK Finance Minister Rishi Sunak unveiled the eight winning bids to turbocharge post-Brexit Britain in his budget statement.The Thames Freeport in East London's Thames Estuary is a digitally linked, special economic zone that includes DP World-owned London Gateway port, as well as Tilbury port and a...
Tags: Travel, UK, Ford, Uae, East London, Dagenham, Thames Estuary, DP World, Brexit Britain, Tilbury, Rupert Neil Bumfrey, London Gateway, Rishi Sunak, Thames Freeport, Alan Shaoul, Shaoul


#Dubai's DP World CEO says 2021 outlook 'remains uncertain' | ZAWYA MENA Edition

Dubai's DP World CEO says 2021 outlook 'remains uncertain' | ZAWYA MENA Edition International port operator DP World said on Monday it will continue to implement necessary measures to contain costs this year as the outlook for the container industry remains uncertain amid the resurgent COVID-19 pandemic.“Looking ahead, while 2021 has started encouragingly, the outlook remains uncertain given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and th...
Tags: Travel, Dubai, DP World, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem, MENA Edition International, India Europe Middle East Africa


Fortunes Diverge for #Dubai, Turkey Firms Bidding on Israeli Port - Bloomberg

Fortunes Diverge for Dubai, Turkey Firms Bidding on Israeli Port - Bloomberg Israeli officials have cleared United Arab Emirates port operator DP World to move forward in the privatization of Israel’s largest seaport but kept Turkey’s Yildirim Holding AS under further scrutiny.DP World received security clearance to move forward in the bidding process for the port in the northern city of Haifa, according to two people familiar with the matter. Local representatives for Yildirim lodged a complain...
Tags: Travel, Israel, Bloomberg, Turkey, United Arab Emirates, Uae, Haifa, DP World, Emirati, Rupert Neil Bumfrey, Yildirim, Dubai Turkey, Port Bloomberg, Port Bloomberg Israeli, Government Companies Authority


#Israel can link Middle East, European ports, DP World chairman says | Reuters

Israel can link Middle East, European ports, DP World chairman says | Reuters Israel is a logical, strategic link between ports in Europe and the Middle East, DP World’s chairman said on Monday, estimating initial UAE-Israel bilateral trade could be worth $5 billion.Dubai state-owned DP World, one of the world’s largest port operators, is partnering with an Israeli group to bid for one of Israel’s main ports.“The port facilities (in Israel) will allow us to link our ports in Europe to the Middle...
Tags: Travel, Europe, Israel, United Kingdom, Middle East, Netherlands, Dubai, Mediterranean, Reuters, DP World, Reuters Israel, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem, UAE Israel, Haifa Port, United Arab Emirates Israel conference


European Tour announces Golf in Dubai Championship at Jumeirah's Fire course

The Fire Course at Jumeirah Golf Estates The European Tour today announced a new tournament, the Golf in Dubai Championship presented by DP World, will be played in the penultimate week of the 2020 season, taking place on the Fire course at Jumeirah Golf Estates from Wednesday December 2 to Saturday December 5.It will form a December Dubai double-head...
Tags: US, Sport, Earth, South Africa, Golf, European Tour, United Arab Emirates, Dubai, Jumeirah, Uae, DP World, Keith Pelley, Gary Player Country Club, Jumeirah Golf Estates, Jumeirah Golf Estates The, Dubai Championship


DP World will meet targets despite uncertainty over COVID-19 second wave, US polls, trade wars - CEO | ZAWYA MENA Edition

DP World will meet targets despite uncertainty over COVID-19 second wave, US polls, trade wars - CEO | ZAWYA MENA EditionInternational port operator DP World handled 18.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in Q3 2020, with gross container volumes increasing by 3.1 percent year-on-year.DP World throughput grew by 1.9 percent year-on-year compared to a 2.2 percent decline for the industry. "This performance is ahead of expectations and onc...
Tags: Travel, US, DP World, Rupert Neil Bumfrey, Ahmed bin Sulayem, ZAWYA MENA, COVID


#Israel- #UAE peace deal 'big' for trade in Middle East - BBC News

Israel-UAE peace deal 'big' for trade in Middle East - BBC News: Israel's peace deals with the UAE and Bahrain are "going to be big" for business and trade in the region, one of the most influential businessmen in the Middle East has told the BBC.Sultan Ahmed bin Sulayem, the chairman and CEO of Dubai-based DP World, says they will remove barriers to business links previously "not allowed", by shortening trade routes and making it easier to deal with Europe.Israeli estimates suggest trade wi...
Tags: Travel, Israel, Bbc, BBC News, Middle East, Dubai, Bahrain, Uae, DP World, Rupert Neil Bumfrey, Ahmed bin Sulayem, Israel UAE, Bin Sulayem, Europe Israeli


#Israel's Leumi, #UAE's DP World partner on regional trade | Reuters

Israel's Leumi, UAE's DP World partner on regional trade | Reuters:Israel's Bank Leumi LUMI.TA and Dubai's DP World said on Monday they had agreed to partner in boosting trade between Israel and the rest of the Middle East.This includes possible financing for the development of Israel’s port sector, Leumi, one of Israel’s largest lenders, said in a statement.The memorandum of understanding includes simplifying working capital requirements to improve the flow of cargo and digital solutions to rem...
Tags: Travel, Israel, Dubai, Reuters, DP World, Middle East This, Rupert Neil Bumfrey, Leumi, Bank Leumi LUMI TA, Leumi UAE


#Dubai's DP World to partner with Israeli firm in bid for Haifa Port | Reuters

Dubai's DP World to partner with Israeli firm in bid for Haifa Port | Reuters:Dubai’s DP World [DPWRD.UL] is partnering with an Israeli group to bid for one of Israel’s two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.The announcement came a day after Israel and the United Arab Emirates signed an historic agreement to normalize ties, and marks a big development in trade and economic collaboration.Dubai state-owned DP World, whi...
Tags: Travel, Hong Kong, Israel, Middle East, United Arab Emirates, Dubai, Buenos Aires, Mediterranean, Haifa, DP World, Arabiya, Ashdod, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem, Haifa Port


#Israel Shipyards, #UAE's DP World to partner in shipping, port activities | Reuters

Israel Shipyards, UAE's DP World to partner in shipping, port activities | Reuters:Israel’s Dovertower has a signed a series of agreements with DP World [DPWRD.UL] of the United Arab Emirates to cooperate in shipping and port activities, the companies said on Wednesday. Dovertower is owned by Israeli businessman Shlomi Fogel, who is one of the owners of Israel Shipyards and the Eilat port.Israel Shipyards and DP World will examine a possible joint bid for Haifa port, which is being privatised.Do...
Tags: Travel, Israel, United Arab Emirates, Dubai, Reuters, Haifa, DP World, Eilat, Rupert Neil Bumfrey, Israel Shipyards UAE, Dovertower, Shlomi Fogel, Israel Shipyards, Eilat Israel Shipyards and Drydocks World Dubai


Deals News: DP World and Canada Fund Plan $4.5 Billion of Port Investments - Bloomberg

Deals News: DP World and Canada Fund Plan $4.5 Billion of Port Investments - Bloomberg:DP World and Caisse de Depot et Placement du Quebec have agreed to invest an additional $4.5 billion in their global portfolio of port terminals.The Dubai-based ports operator and Canadian pension fund manager announced the injection of the funds into their existing venture in a statement Thursday, confirming an earlier Bloomberg News report. DP World and the Caisse agreed in 2016 to set up a platform for inve...
Tags: Travel, Europe, Canada, Asia Pacific, Dubai, Bloomberg News, DP World, North America Latin America, Rupert Neil Bumfrey, Caisse, Caisse de Depot et Placement du Quebec, Port Investments Bloomberg


Profits slide for #Dubai's DP World port operator amid virus

Profits slide for Dubai's DP World port operator amid virus:International port operator DP World said on Wednesday profits were down 56% for the first half of the year, with earnings sliding to $333 million as coronavirus lockdowns and a global recession impact trade around the world.The Dubai state-owned company’s $420 million dollar drop in profits for the period between January to June was due largely to a decline of nearly 4% in container volume at DP World ports.“The COVID-19 outbreak has u...
Tags: Travel, Dubai, DP World, DP World Group, Rupert Neil Bumfrey, Ahmed bin Sulayem


MIDEAST STOCKS- #Saudi dips on financials in quiet trade for major Gulf indexes - Reuters

MIDEAST STOCKS-Saudi dips on financials in quiet trade for major Gulf indexes - Reuters:The Saudi Arabian stock market slipped in early trade on Tuesday, due to dips in financial shares, while trade on other major bourses in the Gulf was uneventful.Saudi Arabia’s benchmark index eased 0.1%, hurt by a 0.2% fall in Al Rajhi Bank and a 0.3% decrease in the country’s biggest lender National Commercial Bank.Elsewhere, Rabigh Refining and Petrochemical Company dropped 2.6%, a day after it posted quart...
Tags: Travel, Saudi Arabia, Dubai, Gulf, Reuters, DP World, Emaar Properties, Rupert Neil Bumfrey, Al Rajhi Bank, Arabtec Holding


Global port operator DP World says outlook uncertain as Q2 volumes fall - Reuters

Global port operator DP World says outlook uncertain as Q2 volumes fall - Reuters:Global port operator DP World recorded a fall of 8.8% in second quarter container volumes, warning on Monday the outlook remained uncertain.The coronavirus pandemic shut cities and factories worldwide for months, disrupting shipments and global supply chains, while some cities are now reintroducing curbs after a recent rise in infections.The Dubai state-owned company, which also operates logistics facilities, handl...
Tags: Travel, Asia Pacific, Dubai, Reuters, DP World, Rupert Neil Bumfrey


DP World markets perpetual dollar sukuk at around 6.625% - document - Reuters

DP World markets perpetual dollar sukuk at around 6.625% - document - Reuters:Dubai-based port operator DP World started marketing U.S. dollar denominated perpetual sukuk, or Islamic bonds, with an initial price guidance of around 6.625%, a document showed on Wednesday.Perpetual bonds are similar to an equity instrument in that they have no maturity date.The perpetual sukuk DP Worlds is offering are non-callable for 5-1/2 years. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Dubai, Reuters, DP World, Rupert Neil Bumfrey


#Dubai's DP World still eyeing revenue-generating acquisitions - Arabianbusiness

Dubai's DP World still eyeing revenue-generating acquisitions - Arabianbusiness:The giant Dubai-based ports operator DP World is "preparing for the worst" in the months ahead, as coronavirus inflicts the heaviest blow on global trade since World War II.However, the firm which runs port and logistics operations in 54 countries is still hungry for revenue-generating acquisitions, its chairman Sultan Ahmed bin Sulayem told AFP in an interview.Already one of the most profitable government-linked ent...
Tags: Travel, Britain, Chile, Dubai, Afp, DP World, Rupert Neil Bumfrey, Sultan Ahmed bin Sulayem


DP World warns unclear when global trade will recover from coronavirus - Reuters

DP World warns unclear when global trade will recover from coronavirus - Reuters:The timing of a trade recovery from the economic crisis caused by the new coronavirus pandemic is uncertain, global ports operator DP World warned on Thursday.The Dubai state-controlled company just last month said it was seeing demand bounce back as Chinese factories restarted, though the global spread of the virus has since drastically worsened, forcing many industries to a near halt.“The timing of any recovery is...
Tags: Travel, Dubai, Reuters, DP World, Rupert Neil Bumfrey, Ahmed bin Sulayem


Lowry resigned to Open cancellation as golf sets out hugely optimistic return calendar

Shane Lowry with the Clara Jug - “Believe me, it’s in safe hands for the next 12 months.” Shane Lowry insisted that the Claret Jug will be in “safe hands” for another 12 months after The Open became the latest global event to fall victim to the coronavirus pandemic.While golf’s leading organisations issued a joint statement setting out a tentative schedule for ...
Tags: New York, US, San Francisco, Sport, Morocco, Ryder Cup, PGA of America, Graeme Mcdowell, Golf, Rory Mcilroy, Paul Mcginley, Pga Tour, European Tour, Wisconsin, Shane Lowry, Lowry