Heavy load cargo vessel Zhen Hua 15 is on Sunday set to unload at Vizhinjam International Seaport in Kerala, marking the inauguration of Adani Ports' 77 billion Indian rupee ($925 million) mega infrastructure project and putting India on the map for the world’s biggest container ships.
The Vizhinjam transshipment container port – India's first – is being introduced as a public-private partnership model, with funding from the local state government and private partner Adani Ports, India's largest integrated ports and logistics company and part of billionaire Gautam Adani’s conglomerate, the port's website says.
The deep-sea water port will have a capacity of 1 million 20 foot-equivalent units (TEUs) in its first phase, with another 6.2 million TEUs to be added, it said.
The port is set to “position India as a top global transshipment hub”, with its strategic location on the international shipping route connecting Europe, the Arabian Gulf and the Far East, the company's website says.
Transshipment is when cargo is unloaded from one vessel and loaded on to another, bigger ship at a port on the way to the cargo's final destination.
India's port container throughput stood at 17 million TEUs in 2020, compared to China's container traffic that stood at 245 million TEUs for the same period, India's Ministry of Ports, Shipping and Waterways said in February.
“The upcoming ports at Vizhinjam [Kerala] and Vadhavan [Maharashtra] have natural drafts in excess of 18 metres that would enable ultra-large container and cargo vessels to call on the ports, thereby boosting the efforts to make India the world’s factory by improving the container and cargo throughput,” the ministry said at the time.
To develop global standard ports in India, the country's Maritime India Vision 2030 has identified projects such as developing world-class mega ports, transshipment hubs and infrastructure modernisation of ports at an estimated investment of 1.25 trillion rupees, the ministry said.
The mega-port in the southern Indian state is a boost to the Ahmedabad-based Adani Group conglomerate, which faced fraud allegations by US short-seller Hindenburg Research in January.
The Hindenburg report accused the Adani Group of stock manipulation and improper use of offshore tax havens, as well as raising concerns about its high level of debt. The Adani Group has denied the allegations.
Last month, Adani Group said its financial status remained unaffected despite “misleading” reports.
Overall, India's economic growth “remains robust, driven by a large public capital expenditure push and resilient domestic demand”, the International Monetary Fund said in its Asia and Pacific Region's Economic Outlook on October 13.
The Indian economy is expected to grow by 6.3 per cent in both this year and next, the Washington-based lender said.
Structural reforms will be the key to unlock India's massive economic potential, Krishna Srinivasa, the IMF's director of the Asia and Pacific Department, said on October 13.
“If you want to really exploit the significant potential India has, then I think the need is for structural reforms. Again, there India has made significant strides, very impressive strides, in the area of digitalisation and beefing up infrastructure where the efforts have been truly impressive.
“But beyond that, there could be reforms aimed at improving the business environment, labour reforms, removing trade restrictions. All these go into building an environment which will support investor competence more – more so in India. ”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
Where to Find Me by Alba Arikha
Alma Books
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
England ODI squad
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
