DP World and the UK's development finance arm British International Investment (BII) will extend their partnership with the development of the first phase of a new container port in the Democratic Republic of Congo (DRC) as the Dubai-based ports operator expands its presence in Africa.
The BII has committed to invest up to $35 million into the DRC's Port of Banana, the country's first deepwater container port, making it a minority investor, it said on Monday.
The new port development is expected to create about 85,000 jobs, cut the cost of trade in DRC by 12 per cent and enable $1.12 billion in additional trade, according to the government agency.
“The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population, but accounts for just 4 per cent of global containerised shipping volumes. Ports are vital to the long-term prosperity and well-being of countless people across the continent,” Chris Chijiutomi, managing director and head of Africa for BII, said.
“The Port of Banana will play a major role in supporting the economic aspirations of millions living in DRC.”
The project is an extension of similar partnerships that BII and DP World have in Somaliland, Egypt and Senegal with the expansion of ports in the African countries in 2021.
The three ports under the original partnership agreement between BII and DP World will improve access to vital goods for about 35 million people, support five million jobs (allowing the creation of 138,000) and facilitate an additional $51 billion to total trade by 2035, according to the statement. Additionally, they will reduce logistics costs and stimulate economic growth across these markets and the continent.
The port project in DRC will be the country's first deep-sea port, along the country’s 37-kilometre coastline on the Atlantic Ocean.
The project will involve a 600-metre quay with an 18-metre draft, capable of handling the largest vessels in operation. DP World plans to have a container handling capacity of about 450,000 units.
“This project is a significant step towards enhancing the DRC's trade infrastructure, unlocking economic potential, and creating jobs,” Mohammed Akoojee, chief executive of sub-Saharan Africa for DP World, said.
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Towering concerns
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud
6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami
7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash
7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
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The national orchestra
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
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Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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The five pillars of Islam
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The burning issue
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AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
War on waste
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Guide to intelligent investing
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
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Roll of honour 2019-2020
Dubai Rugby Sevens
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Runners up: Bahrain
West Asia Premiership
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}Winners: Dubai Exiles
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UAE Division One
Winners: Abu Dhabi Saracens
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UAE Division Two
Winners: Barrelhouse
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Mohammed bin Zayed Majlis
Listen to Extra Time
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COMPANY PROFILE
Tomorrow 2021
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
Company%20profile%20
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
SPECS
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Neighbourhood Watch
Comment on Coronavirus
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
Fanar Haddad: The Iranian response will be gradual
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Zayed Sustainability Prize
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
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