Economic Zones World News

Press release - DP World’s flagship Jebel Ali Port has retained its leadership position by winning the Best Seaport – Middle East Award for the 21st year in a row at the Asian Freight, Logistics and Supply Chain Awards (AFLAS) 2015 in Hong Kong. The award was received on behalf of the global marine terminal operator by Rashid Abdulla, Senior Vice President and Managing Director, DP World Asia Pacific Region. Asia Cargo News magazine, the organizers of AFLAS, picked the winners through a nomination and voting process where more than 15…

DP World may launch operations in Iran, the company's chairman said on Thursday, as the global ports operator reported a jump in half-year earnings after buying assets from its parent company. Customer demand will dictate what it will spend on developing port facilities on the Caspian Sea, which it is currently exploring with Iranian authorities. "Iran has a good land bridge of rail that will connect the Silk Route from China to Europe," Chairman Sultan Ahmed bin Sulayem said on an earnings call with reporters. "With our ports in the Gulf, we need to go into Iran," he said, without giving a timeframe for the investment. He said DP World officials visited Iran ahead of Tehran's nuclear deal with world powers in July that could see trade sanctions lifted.

Dubai's DP World, one of the world's largest port operators, posted an 11.8 percent rise in 2014 net profit as profit margins grew in all its regions, the company said on Thursday. The firm made a profit attributable to shareholders of $675 million compared with $604 million in the prior year, it said in a statement to the NASDAQ Dubai bourse. Revenue in the 12 months was $3.41 billion, up 11 percent from 2013. DP World invested $807 million across its portfolio during the year, adding 2 million twenty-foot equivalent units (TEU). Mohammed Sharaf, group chief executive, said 2015 was expected to see the addition of about 8 million TEU. This would include new facilities in Turkey, India and the Netherlands, and added capacity at Dubai's Jebel Ali Terminal 3.

Port and Free Zone World (PFZW), the holding company for Dubai-based ports operator DP World, has closed a $1.2 billion loan deal, banking sources aware of the matter said on Wednesday. The funds have a lifespan of five years, and will be used to help the company meet commitments at the group and subsidiary levels, two separate sources said. PFZW is part of Dubai World, which is currently close to securing a renegotiation of terms on $14.6 billion of debt that was originally restructured in 2011. A spokesman for PFZW declined to comment when contacted by Reuters. Citigroup, Emirates NBD and HSBC arranged the deal and were joined by a group of seven other banks, two Dubai-based sources said.

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange, the Dubai-based company said on Thursday. The assent was granted at a meeting on Thursday, with the proposals received near-unanimous support from independent shareholders, DP World said in a London bourse filing. DP World last month said it would pay $2.6 billion to Dubai World for its EZW logistics infrastructure firm and would delist from the London bourse due to thin trading volumes. Dubai World owns 80.45 percent of DP World. Reporting by David French

EZW purchase funded from existing cash and loan facilities; DP World will also take about $859 million of EZW's debt. DP World said on Thursday it would pay $2.6 billion to major shareholder Dubai World for its EZW logistics infrastructure firm, easing the burden on the state conglomerate ahead of a $4.4 billion debt repayment next year. The deal is the latest example of Dubai's 'asset shuffle', where profitable state-owned firms have bought assets from those still struggling after the emirate's debt crisis at the turn of the decade. Dubai World is due to repay $4.4 billion in May, but is in negotiations with creditors to bring this payment forward in exchange for more time to meet a much larger payment scheduled for 2018, as well as other inducements.

GE Oil & Gas today celebrated the ground-breaking of a new facility that will further expand its presence in the UAE in Jebel Ali Free Zone (Jafza). Scheduled to open in 2015, the new facility spreads over an area of 22,700 sqm and can accommodate over 300 employees. A milestone in the expansion of GE Oil & Gas in the country and the region, the new facility will offer services by GE Oil & Gas’ various business units, thus strengthening customer service standards. Housed in a customized state-of-the-art facility developed by Jafza, the new GE Oil & Gas Manufacturing & Technology Center will offer tailored training programs, and also feature a dedicated repair center that will help improve the speed of service delivered by being closer to the customers.