DP World, one of the world's largest port operators, posted a 2.6 per cent increase in gross container shipping volumes in the fourth quarter of 2021, with a strong increase in annual throughput expected to drive improved financial results.
The Dubai-based ports company handled 19.6 million 20-foot equivalent units, or TEUs, across its global portfolio of container terminals in the final quarter of 2021, up from 19 million TEUs in the same quarter a year ago, it said in a statement to Nasdaq Dubai on Monday.
"As expected, growth rates moderated in the final quarter of 2021 as the new Covid variant [Omicron], inflation and supply chain bottlenecks impacted global growth," Sultan Ahmed bin Sulayem, DP World's chairman and chief executive, said.
Global supply chain disruptions triggered by the Covid-19 pandemic will continue to linger for years until the backlog of cargo is cleared, Mr bin Sulayem said last month. The Covid-19 crisis highlighted significant challenges in the logistics sector, with many cargo owners struggling to find containers to move their goods to keep pace with demand and overcome labour disruptions.
The acute supply chain bottlenecks have led to congestion and delays at ports, a shortage in shipping containers and a sharp rise in the cost of shipping goods.
The ports operator reported a 9.4 per cent rise in 2021 container volumes, despite growth rates moderating in the fourth quarter, with all the regions it operates in reporting growth.
DP World handled 77.9 million TEUs last year across its global portfolio, up from 71.1 million TEUs in 2020, with Asia Pacific, India, the Americas and Australia regions recording double-digit growth. Its flagship Jebel Ali port in the UAE handled 13.7 million TEUs in 2021, up 1.9 per cent year-on-year.
"Overall, we are pleased with the business performance in 2021 and remain focused on growing profitability while managing growth capex," Mr bin Sulayem said. "The strong volume performance leaves us well placed to deliver an improved set of full-year results."
Looking into 2022, the chairman said he expects the DP World portfolio to continue delivering growth and sees an encouraging start to the year.
"We remain mindful that the Covid-19 pandemic, continued supply chain disruptions, rising inflation and geopolitical uncertainty could continue to hinder the global economic recovery," he said.
The International Monetary Fund lowered its global economic growth forecast for this year, as Omicron continues to spread unabated and supply chain disruptions stoke inflation amid higher energy prices.
The fund, which estimated the global economy would expand by 5.9 per cent in 2021, revised down its 2022 output projections to 4.4 per cent, half a percentage point lower than its estimate in October, it said in its latest World Economic Outlook in January.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Race card
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
RESULTS
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Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
Killing of Qassem Suleimani
The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
