DP World signed a 20-year concession agreement with the government of Angola to operate the Multipurpose Terminal (MPT) at the Port of Luanda.
As part of the deal, DP World will invest $190 million to upgrade the existing infrastructure and buy new equipment at the port to help increase its throughput to 700,000 twenty-foot equivalent container units per year, the port operator said in a statement on Monday.
“Our entry into Angola and planned investment in the terminal, as outlined in the agreement, reflects our belief in the potential for further economic growth in the country,” Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World, said.
The company will also modernise the port management system and will provide training and development opportunities to the Angolan staff employed at the terminal.
The signing of the agreement follows an international tender process in which DP World was selected by an evaluation committee set up by the Angolan Ministry of Transport as the preferred bidder to enter into discussions with the government for the concession.
The terminal at the Port of Luanda handles containers and general cargo. It has a quay of 610 metres with a depth of 12.5 metres and a yard of 23 hectares.
Angola is the second-largest oil producer in Africa, after Nigeria. Its economy depends heavily on hydrocarbon production, making its economy vulnerable to oil price swings.
The MPT will be the first seaport terminal located on the western coast of Southern Africa to be operated and managed by DP World.
DP World also signed an agreement with Senegal to develop its Ndayane deep-water port with a total investment of $1.1 billion last month.
More on Quran memorisation:
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
