Sultan Ahmed Bin Sulayem News

DP World has signed a partnership agreement with Abu Dhabi Future Energy Company (Masdar) to explore and implement renewable energy systems across its global port operations in the Middle East and Africa.The agreement aims to facilitate the widespread adoption of renewable energy and battery energy storage systems (BESS) within DP World’s global supply chain.Over the course of the three-year partnership, DP World and Masdar will work together to identify optimal sites for the potential deployment of solar and energy storage systems…

Tanzania on Sunday signed agreements with Dubai state-owned ports operator DP World to operate part of the Dar es Salaam port for 30 years, a deal that has previously been opposed by Tanzania opposition and rights groups.Plasduce Mbossa, director general of state-owned Tanzania Ports Authority (TPA) which currently manages the port, said DP World will lease and operate four of the 12 berths at the country's largest port.Dar es Salaam also serves landlocked nations in east and southern Africa like Uganda…

Dubai's state-owned ports giant DP World said on Thursday its first-half profit fell nearly 10% from a year earlier, even as revenue climbed nearly 14%, and flagged an uncertain outlook for trade.Profit attributable to DP World's owners in the six months to June was down 9.7% at $651 million from a year earlier, when the port operator posted record profit of $721 million."While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results…

UAE-based logistics giant DP World announced its BOXBAY high-bay storage system will be installed to boost container handling efficiency at its terminal in Busan, South Korea.BOXBAY was developed by DP World in a joint venture with German plant technology supplier SMS group, who first created and proved the system for handling heavy metal coils. Refined for port logistics, the fully automated rack-like container storage system allows direct access to each container at any time…

Dubai's shipbuilding and shiprepair company Drydocks World and Norwegian offshore engineering and construction firm Aker Solutions have established a joint venture to upgrade the Petrojarl Knarr FPSO for Equinor's Rosebank offshore oil and gas field in the UK, the Government of Dubai media office confirmed Friday.The joint venture signed its first contract with FPSO owner Altera Infrastructure to upgrade, refurbish, and electrify the FPSO. The vessel will be redeployed at Rosebank field…

Dubai-owned ports giant DP World intends to invest around $500 million to reduce carbon dioxide emissions in its operations by 700,000 tonnes over the next five years, state news agency WAM reported on Monday, citing the company's chairman and CEO Sultan Ahmed Bin Sulayem.DP World's plans include transitioning its global fleet from diesel to electric power, investing in renewable energy, and exploring fuel alternatives, Sulayem said via video conference during the COP27 summit in Egypt, WAM added.(Reuters - Reporting by Lina Najem, Editing by Louise Heavens)

Britain says it has canceled a contract with P&O Ferries "with immediate effect" in its latest action against the DP World-owned company following its decision to axe hundreds of staff earlier this year.The Home Office (interior ministry) said it was ending its agreement with the firm to provide contingency travel services to "juxtaposed ports" where British staff operate border controls in Belgium and France to check passengers and freight destined for Britain.It comes after P&O Ferries…

Ports giant DP World on Monday reported a 9.4% rise in 2021 container volumes, though growth rates moderated in the fourth quarter which the Dubai state company said was expected due to the impact of COVID-19, inflation and supply chain issues.DP World said it handled 77.9 million shipping containers across its portfolio with its Asia Pacific & India, and Americas & Australia regions both recording double digit growth.Chairman Sultan Ahmed bin Sulayem said there had been an encouraging start to 2022 and that DP World expected the portfolio to "continue to deliver growth".But he also said the p

Senegal President Macky Sall on Monday laid the foundation stone for the construction of a $1.13 billion deep-water port being developed by Dubai's state-owned port operator DP World at Ndayane, around 50 km (31 miles) south of the capital Dakar.DP World Dakar, a joint venture between the Dubai-based logistics provider and the Port Authority of Dakar (PAD), is the biggest private investment in the West African country, Sall said."We are ready for the structural transformation of our economy with this mega project," Sall said.DP World has said the first phase will include 840 metres of quay and

There is no end in sight to the shortage of shipping containers, port congestion and sky rocketing freight rates that have rattled global trade, the chairman of Dubai ports giant DP World said on Wednesday. The bottlenecks have been caused by a combination of COVID-19 lockdowns and an unexpectedly rapid recovery in demand as economies emerge from the pandemic.“These are the complications. Nobody knows how long it’s going to take.

Dubai ports giant DP World sees no early end to disruptions in global supply chains that have set off delays at ports and logistics hubs around the world, its chairman said on Friday.The disruptions, a result of pandemic lockdowns and an unexpectedly rapid recovery in demand, have also led to shipping container shortages and skyrocketing freight rates."I really don't think it's going to be resolved this year, DP World's Sultan Ahmed bin Sulayem told Reuters on the opening day of Expo in Dubai…

Russian state nuclear energy firm Rosatom and Dubai logistics firm DP World agreed on Friday to join efforts in developing pilot container shipping between Northwest Europe and East Asia through the Arctic, the companies said.Rosatom is a designated sole infrastructure operator of the Northern Sea Route which it plans to develop into a fully-fledged transport corridor."The Northern Transit Corridor holds out the prospect of shorter transit times between East and West," Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World was quoted as saying in the statement.

Global port operator DP World on Thursday said the near-term trading environment was positive as it reported a 10.2% increase in first-quarter shipping containers volumes.The Dubai state-owned company handled 18.9 million shipping containers in the January-March period, compared to 17.2 million in the same period a year earlier."This performance is ahead of expectations and illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market," Chairman and Chief Executive Sultan Ahmed bin Sulayem said in a statement.

Ports operator DP World gave an optimistic outlook for 2021 on Thursday, citing pent-up demand for cargo and an easing of geopolitical tensions after the change of U.S. administration.Sultan Ahmed bin Sulayem, who is chairman and chief executive of the Dubai state-owned global ports operator, said that demand and supply chain capabilities had also improved as a result of the coronavirus pandemic.“You are always cautious ... (but) the outlook this year looks good for many reasons…

International port operator DP World is on track to report a “relatively stable financial performance” this year after the recording a 3.1% increase in third-quarter shipping container volumes, its chairman said on Monday.The Dubai state-owned company, which reported contractions in container volumes in the first two quarters, handled 18.3 million containers in the July - September period, it said.The 52.2 million containers handled in the first nine months of the year were down…

Dubai's DP World is partnering with an Israeli group to bid for one of Israel's two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.The announcement came a day after Israel and the United Arab Emirates signed an historic agreement to normalize ties, and marks a big development in trade and economic collaboration.Dubai state-owned DP World, which operates ports from Hong Kong to Buenos Aires, signed a series of agreements with Israel's DoverTower including a joint bid in the privatization of Haifa Port on the Mediterranean…

Global port operator DP World recorded a fall of 8.8% in second quarter container volumes, warning on Monday the outlook remained uncertain.The coronavirus pandemic shut cities and factories worldwide for months, disrupting shipments and global supply chains, while some cities are now reintroducing curbs after a recent rise in infections.The Dubai state-owned company, which also operates logistics facilities, handled 16.7 million shipping containers in the second quarter, down from 18.3 million a year earlier.It recorded its biggest quarterly decline in the Asia Pacific and Indian subcontinent

Dubai-based DP World said it has agreed to acquire a 60% stake in South Korea's UNICO Logistics Co. Ltd. as the firm continues its expansion across the worldwide end-to-end logistics supply chain. The transaction, subject to regulatory clearances, is expected to close in the fourth quarter of 2020.Established in 2002 by H.J. Park and headquartered in South Korea, UNICO is one of the largest independent NVOCC (Non-Vessel Operating Common Carrier) in South Korea, with a global footprint of 25 subsidiaries in 20 countries.

The Ports, Customs and Free Zone Corporation (PCFC), in cooperation with Dubai Maritime City Authority (DMCA), have launched the Marine Agency to oversee wooden dhow ships and regulate all their activities while they’re in Dubai waters. The agency is an organizational unit managed by PCFC and works according to regulations in coordination with the competent government authorities. The move is part of PCFC’s constant efforts to strengthen Dubai’s trade environment and maintain…

The timing of a trade recovery from the economic crisis caused by the new coronavirus pandemic is uncertain, global ports operator DP World warned on Thursday.The Dubai state-controlled company just last month said it was seeing demand bounce back as Chinese factories restarted, though the global spread of the virus has since drastically worsened, forcing many industries to a near halt."The timing of any recovery is uncertain with trade expected to pick up as and when global economic activity normalizes," Chief Executive Sultan Ahmed bin Sulayem said in a bourse statement.DP World, which is re

Dubai state controlled port operator DP World's revenue grew 36.1% in 2019, but it says the near-term outlook remains “a cause for concern” due to global trade disputes and the coronavirus outbreak.DP World, one of the world’s largest port operators, made $1.34 billion last year compared to $1.33 billion in 2018, it said in a bourse filing. Revenue rose 36.1% to 7.7 billion."However, the global trade outlook remains uncertain due to supply chain disruption caused by Covid-19 outbreak," it said in a press note."However, DP World is well positioned to respond in the short term by focusing on disciplined investment and managing the cost base to protect profitability.

Dubai-based port operator DP World announced it has completed the acquisition of Fraser Surrey Docks in Canada from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).The enabler of global trade said in a press release that said the acquisition complements its footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and St John’s, without disclosing the value of the purchase.The integrated coast-to-coast platform provides customers with bulk, breakbulk and general cargo services.DP World's global strategy is to become a trade enabler and solutions provider as the company looks to participate across a wider part of the supply chain.

DP World, one of the world’s largest port operators, is delisting from the Nasdaq Dubai and returning to fully private ownership.According to a press release, the  UAE-owned port behemoth’s parent company, Port and Free Zone World, has offered to buy the 19.55% of DP World’s shares traded on the Nasdaq Dubai for $16.75 a share, representing a 29% premium on its closing price of $13 per share on Sunday.DP World's parent company will pay Dubai World $5.15 billion to help the government-owned conglomerate with its outstanding commitments to banks.DP World remains financially strong, with a healthy balance sheet and a consistent track record of delivering profitability.In recent years…