A DP World joint venture won concessions for two berths in Le Havre port on France's north coast as the global ports operator continues expansion amid challenging global market conditions.
The venutre between DP World and France's container operator Terminal Link — PortSynergy Group (GMP) is contracted to build and operate berths 11 and 12 at Port 2000 under a 34-year concession, according to a statement on Monday.
"The addition of the two new berths will enable us to secure more volume and provide high-efficiency services," said Louis Jonquiere, managing director of GMP. "As a major hub port, the expansion in the terminal will facilitate the capture of more volume from the trade, benefiting from the momentum that has built in the region."
DP World, the world's largest port operator with terminals from Vancouver to Hong Kong, through its joint venture already has existing operations in the port of Le Havre at berth 5, according to its website.
The new concession agreement in France includes two years of studies and design, two years of civil engineering work and 30 years of operation, according to the statement. The new terminal will add a further capacity of one million twenty-foot equivalent units (TEUs), including a 700 metre-long quay and a 42-hectare site. GMP will invest in two new container berths spanning across 700 metres.
“DP World and its partners will continue to build on the port’s important position as a key logistics hub in Europe," Rashid Abdulla, chief executive of DP World in Europe, said.
The companies did not provide a timeline for the start or completion of the project and did not reveal the amount of investment in the new terminal.
"We aim to enable smarter trade and create a much stronger economic engine for the national and regional market," Mr Jonquiere.
In October, Nasdaq Dubai-listed DP World said it expects full-year earnings to be in line with market expectations as it focuses on integrating recent acquisitions, managing costs and disciplined investment.
In July, DP World acquired Topaz Energy and Marine, marking its first foray into the oil and gas sector. The company has been on an investment spree since 2018 as its growth strategy evolves to include the wider logistics supply chain.
Last month, DP World warned of a "challenging macro backdrop" from global trade tensions and an "uncertain" outlook from geopolitical tensions after reporting a drop in third-quarter shipping container volumes across its global terminals.
The company's gross container volumes fell 1.6 per cent to 17.7 million TEUs compared with18m a year ago amid declining volumes in Asia Pacific and India and flat growth in Dubai.
Threats from an escalating trade war between the US and China, the world's two biggest economies, have been weighing on business confidence and clouding the outlook for future growth.
Geopolitical friction in the Middle East between the US and Iran has also led to tensions in the Strait of Hormuz, prompting a US-led coalition of countries to commit troops, planes and ships to accompany and track vessels passing through the Gulf. The ongoing saga of the UK's exit from the European Union has also fuelled uncertainty and hurt business confidence.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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.
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Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
