DP World London Gateway in 2016. DP World's brand value grew 17 per cent to $1.1 billion. Getty Images
DP World London Gateway in 2016. DP World's brand value grew 17 per cent to $1.1 billion. Getty Images
DP World London Gateway in 2016. DP World's brand value grew 17 per cent to $1.1 billion. Getty Images
DP World London Gateway in 2016. DP World's brand value grew 17 per cent to $1.1 billion. Getty Images

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


Alice Haine
  • English
  • Arabic

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 Ford factory in Dagenham. It is one of eight new economic zones that will receive tax advantages and customs relief.

Alan Shaoul, chief financial officer at DP World in the UK, said on Wednesday that the Thames Freeport was “open for business”.

“Our London Gateway site alone has almost 10 million square feet of land that has planning consent, and the capacity to expand materially its operational area and therefore attract new foreign direct investment within the lifetime of this parliament,” Mr Shaoul said.

Freeports are areas that allow companies to import and export from the UK under simplified customs, tax and planning rules, one of Mr Sunak’s plans to help the country build back from the pandemic because they will attract investment and trade and boost jobs across the country.

The sites, which include ferry ports and airports, are eligible for stamp duty and business rates relief, with National Insurance relief, a lower rate of VAT and employment tax also offered to employers in some instances.

Goods can be imported into the freeport, then manufactured and exported again without facing standard tariffs or requiring normal customs checks.

Another two freeports in the devolved administrations of the UK are yet to be unveiled.

Thames Freeport said on Wednesday it was open to do business with new customers, hours after the government said it would be one of eight new freeports in England. Courtesy Thames Freeport
Thames Freeport said on Wednesday it was open to do business with new customers, hours after the government said it would be one of eight new freeports in England. Courtesy Thames Freeport

The bidding process for the UK freeports opened in November, with the government accepting bids from cities and towns across England with the aim to drive investment, create jobs and regenerate communities as part of a levelling-up agenda.

Mr Sunak unveiled the winning bids in his budget statement, with East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside all securing freeport status.

Mr Sunak said the eight sites, which will be up and running by the end of the year, will provide an “unprecedented economic boost across the UK”.

"Our freeports will have simpler planning – to allow businesses to build; infrastructure funding – to improve transport links; cheaper customs – with favourable tariffs, VAT or duties; and lower taxes – with tax breaks to encourage construction, private investment and job creation," Mr Sunak said.

Thames Freeport urged businesses looking to expand to take advantage of the tax benefits of relocating to the freeport and being part of a customs zone.
Thames Freeport will pump £4.5 billion of new public and private investment into the area and create more than 25,000 new jobs.

There will also be £400m of investment into the surrounding region, which houses 20 per cent of the UK’s most-deprived communities.

The London Gateway site alone has almost 10 million square feet of land that has planning consent. Courtesy Thames Freeport
The London Gateway site alone has almost 10 million square feet of land that has planning consent. Courtesy Thames Freeport

Thames Freeport said the concept is in its “DNA” because “DP World began as a free trade zone in Jebel Ali, while Tilbury was a freeport until 2012”.

Stuart Wallace, chief operating officer at Forth Ports, the owners of the Port of Tilbury, said Thames Freeport was “ready to hit the ground running” with the  special economic measures set to "turbocharge the best of the private sector, attracting value and manufacturing activity to the ports, the Thames Estuary and the wider South-east, alongside supporting key infrastructure projects in the coming years".

"The Thames Freeport will be that catalyst to level up the left-behind communities along the estuary," Mr Wallace said.

About 30 ports and airports reportedly applied for freeport status, with the deadline for bids ending last month.

Bids in England were scored against different criteria, with one of the most important, according to the government, being how a site could bring economic opportunity to poorer regions and "level up" the country.

The consortium behind Thames Freeport said last month that its proposal was attractive because the area has direct shipping routes to every continent.

While supporters say freeports can help increase manufacturing, and encourage jobs and investment in areas that would otherwise struggle to attract them, critics argue that they create mini tax havens and simply move economic activity from one place to another at a cost to the taxpayer.

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The specs

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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
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The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

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West Ham United v Tottenham Hotspur (3.30pm)
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Sunday
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Monday
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WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

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Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Uefa Nations League: How it works

The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.

The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.

Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.

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The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.

The 12

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
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'Tell the Machine Goodnight' by Katie Williams 
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6.40pm Handicap (TB) Dh92,500 (D) 2,000m

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7.15pm Handicap (TB) Dh85,000 (T) 1,600m

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7.50pm Handicap (TB) Dh92,500 (T) 2,000m

Winner Record Man, Tadhg O’Shea, Satish Seemar

8.25pm Handicap (TB) Dh92,500 (D) 1,600m

Winner Celtic Prince, Fabrice Veron, Rashed Bouresly

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2. They can be created when massive stars collapse under their own weight

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4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

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
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  • Specialist robotics and science laboratories
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PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)

Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)

'Ashkal'
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Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

UAE currency: the story behind the money in your pockets
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Naga
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What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

Results

1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec

2. Max Verstappen (Red Bull-Honda) at 0.745s

3. Valtteri Bottas (Mercedes) 37.383s

4. Lando Norris (McLaren) 46.466s

5.Sergio Perez (Red Bull-Honda) 52.047s

6. Charles Leclerc (Ferrari) 59.090s

7. Daniel Ricciardo (McLaren) 1:06.004

8. Carlos Sainz Jr (Ferrari) 1:07.100

9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692

10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,

'Skin'

Dir: Guy Nattiv

Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga

Rating: 3.5/5 stars

Feeding the thousands for iftar

Six industrial scale vats of 500litres each are used to cook the kanji or broth 

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck

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