Global ports operator DP World has completed a $400 million expansion project at the Port of Callao in Peru as part of the company's efforts to increase capacity across Latin America.
The move has boosted container handling capacity at the port's south terminal by 80 per cent, “solidifying Callao’s position as the key gateway for global trade on the west coast of South America”, DP World said on Friday.
The project has increased handling capacity to 2.7 million twenty-foot equivalent units (TEUs), from 1.5 million TEUs, while the container yard space has been expanded to a total of 40 hectares, the company said.
The port’s pier has also been extended to 1,050 metres, from 650 metres, allowing Callao to accommodate “three ships or two mega-ships at once”, making it one of the few ports in South America with the capability, DP World said.
“This expansion significantly enhances our capacity and operational efficiency,” said Carlos Merino, chief executive of DP World in Peru and Ecuador.
“This development, in conjunction with other DP World ports in the region, solidifies our commitment to enhancing the connectivity and economic vitality of Peru and the entire region.”
DP World is heavily investing in its port terminals in Peru and Ecuador to boost capacity and operational efficiency.
In Ecuador, the company plans to extend its berth at the Port of Posorja to 700 metres, with an investment of $140 million. DP World also manages a special economic zone adjacent to the port.
In April, DP World teamed up with Brazilian railway operator Rumo to build a terminal at Brazil’s Santos port – one of the largest ports in Latin America – to manage 12.5 million tonnes of cargo annually.
The construction cost for the new complex at Santos is estimated to be 2.5 billion Brazilian real ($500 million), according to Rumo’s estimates.
Latin America's international trade has increased gradually over the last two decades. However, it still lags behind most other emerging markets.
International trade accounts for only 47 per cent of the region’s GDP, which is about 20 percentage points lower than that of other emerging markets worldwide, the International Monetary Fund said in a report last year.
“Latin America would likely enjoy large economic gains by improving important commercial infrastructure, such as transportation and customs,” the fund said.
“Streamlining customs procedures, fostering public-private partnerships in the logistics industry, and lowering bureaucratic obstacles are examples of policies that can help.”
Gulf Under 19s
Pools
A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College
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Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
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Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
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The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
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Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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