DP World Launches $9 Billion Financing
UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…
Reduced Appetite Expected for DP World’s $9bn Loan
Appetite for UAE global port operator DP World's $9bn loan financing is expected to weaken due to market turmoil caused by the coronavirus, bankers said.The loan was fully underwritten by Citigroup and Deutsche Bank, and went out to a wider group of DP World’s relationship banks in senior syndication, which closed at the end of last week, one of the bankers said.These banks included Abu Dhabi Commercial Bank, MUFG, Emirates NBD, First Abu Dhabi Bank and HSBC, a second banker said.“Senior…
DP World to Delist from Nasdaq Dubai
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…
DP World buys back P&O Ferries for $421 mln
DP World has bought back British ferry and shipping freight operator P&O Ferries for 322 million pounds ($421 million), more than a decade after it sold it.DP World acquired the British shipping and logistics company in 2006 but soon sold off some assets, including P&O Ferries to its major shareholder, state holding company Dubai World.DP World announced on Wednesday it was buying the company, and a spokeswoman later told Reuters it had bought it back from Dubai World.Dubai World was at the heart of the emirate’s financial crisis at the turn of the decade and was forced to restructure around $
Queen Elizabeth 2 Reopens as Floating Hotel in Dubai
The Queen Elizabeth 2 (QE2) ocean liner has been given a new lease of life as a floating hotel in Dubai, 10 years after the Gulf Arab emirate bought it for $100 million.State-owned Dubai World bought the QE2 from Cunard Line in 2007, but the 2008 financial crisis delayed any plans for the 40-year-old vessel, one of the world's most famous ships.Now the QE2, permanently moored at Mina Rashid port, has been refurbished based on the original design, from its carpets to the theatre…
Clarksons Platou's Inaugural Seminar at DMCA’s Dubai Maritime Week
The Dubai Maritime City Authority (DMCA) is set to facilitate a first-of-its-kind seminar dedicated to Middle East shipping and offshore activities. The event will be conducted by Clarksons Platou, a global leader in maritime brokerage and investment banking, as part of Dubai Maritime Week 2016 – the third edition of the region’s first comprehensive maritime event organized by the Authority, which will run from October 30 to November 3. The seminar is expected to attract several prominent regional and international industry figures and further reinforce Dubai’s growing popularity as a hub for major maritime events. Clarksons Platou’s inaugural ‘Middle East Shipping & Offshore Seminar’ will be held at the Dubai World Trade Centre on Monday October 31, 2016.
MARACAD to Focus on Training in Dubai
Three of the maritime industry’s most respected global professional bodies have announced their commitment to September’s Maritime Academic Conference and Expo in Dubai, demonstrating the priority they are giving to regional education and training needs. The Nautical Institute, the Institute of Marine Engineering Science and Technology and the Royal Institution of Naval Architects have confirmed participation in MARACAD - which will be staged September 20th–21st September at Dubai World Trade Centre, UAE. His Excellency Dr.
MARACAD Returns to Dubai
After an extremely successful debut in 2015, the MARACAD Conference and Expo returns to Dubai once again in 2016. Under the patronage of His Excellency Dr. Abdullah Bin Mohammed Belhaif Al Nuaimi, Minister of Public Works Chairman of the Federal Transport Authority – Land and Maritime, the event is the result of a high level strategic partnership with the Dubai Maritime City Authority. MARACAD 2016, which is organized by Cham Events, will take place on 20th – 21st September at Dubai World Trade Centre UAE…
UASC Expanding its Reefer Business
United Arab Shipping Company (UASC) has confirmed that its reefer business will continue to expand. Following several initiatives including investment in new reefer units, and a cooperation agreement with Hamburg Süd opening up new services to South America, UASC said it aims to highlight its growth during WOP 2015, the international perishables expo for the Middle East being held at Dubai World Trade Center from October 5-7. A second batch of reefer units delivered in May this…
Dubai World Launches Rotterdam Terminal
DP World, together with joint-venture partners APL, HMM, MOL and CMA-CGM, has officially opened the Rotterdam World Gateway (RWG) terminal, providing the global supply chain with the most innovative and automated container terminal in the world. The RWG terminal s able to handle the largest container vessels afloat in the most efficient and reliable way due to its innovative character, reports Gulf News. The new terminal is also highly automated and currently employs 180, of which many are IT specialist due to the high level of innovation.
DP World H1 Earnings Jump, Mulls Iran launch
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.
DP World Extends Title Sponsorship Until 2020
Dubai is set to remain at the epicenter of golf on The European Tour for the foreseeable future after global port operator DP World announced today that it will continue to be the title sponsor of the DP World Tour Championship, the season ending tournament of The Race to Dubai, for at least another five years. The move reinforces Dubai’s position as a major trading, business and tourism destination. The agreement, which will run until at least the 2020 season, will see DP World support the US$8 million tournament…
DP World Parent Completes $1.2 bln Loan
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.
DP World: Shareholders Back EZW buy, London Delisting
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
DP World to acquire EZW Logisitics
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.
Sheikh Ahmed receives “Maritime Visionary Award”
HH Sheikh Ahmad bin Saeed Al Maktoum received The Maritime Standard Special “Maritime Visionary Award” in recognition of his exceptional foresight in supporting and revitalizing the UAE’s maritime sector in his role as Chairman of Dubai World. The award was presented on November 6th 2014 at the Atlantis, The Palm Jumeirah, at a glittering ceremony where leaders representing all facets of the industry from the Middle East & Indian subcontinent were present to honour HH & recognize his exception contribution.
DP World Acquires Dubai-based World Security FZE
DP World today announces that it has acquired World Security FZE for total consideration of $25.5 million. World Security FZE provides security services and solutions to various corporates in Dubai including ports and free zones. World Security FZE is a wholly owned subsidiary of Istithmar World Ventures LLC, which is part of the Dubai World Group which in turn is 100% owned by the Government of Dubai. Dubai World is the majority shareholder and a related party of DP World under the UK Listing Rules. The acquisition is classified as a smaller related party transaction under Listing Rule 11.1.10. Given that security is crucial to the safe and secure operation of Dubai’s ports, this was a unique opportunity to acquire a strategically important asset on commercial terms.
DP World in Talks With Banks for $3b Loan
Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate, banking sources told Reuters on Thursday. The firm, part of state-owned conglomerate Dubai World , is aiming to raise the loan to $3 billion, four banking sources said, speaking on condition of anonymity as the information isn't public. The original revolving credit facility was signed in April 2012 and has already been renegotiated once, adding a year to the lifespan in June 2013.
traveltronic Goes to UAE
Level421 GmbH developed mobile communication solutions in the past few years and introduced these into the market 2013 under the label traveltronic. The company today develops, produces and provides mobile communication solutions for vehicles and ships, and also offers airtime services. The developments for this, especially for the ALL.in.ONE System, have been performed in Ulm, Germany. ALL.IN.ONE combines GSM mobile communication with satellite internet capacity solutions to one very compact ALL.in.ONE solution. Whenever the vehicles or ships got a connection to the GSM network, it uses the fast 3G UMTS or even faster 4G LTE networks. Just if there is no GSM network available the solution switches to satellite connection.
Japanese Light Industries Look to Expand in Middle East
A high-level delegation from Japan External Trade Organization (JETRO) recently visited Dubai World Central, the world’s first purpose-built aerotropolis, to take a closer look at the state-of-the-art infrastructure and facilities available to Japanese companies seeking to establish and expand their business operations in the Middle East. The visit of the Japanese delegation is in line with DWC’s strategy of attracting leading international companies to commence operations from…
DMCA Moves Forward with Maritime Safety Policy
The Dubai Maritime City Authority (DMCA) is proceeding with the implementation of its Maritime Safety Policy as part of the first-of-its-kind maritime sector strategy’s initiatives for developing, organizing and promoting Dubai’s maritime industry. The new policy reflects the commitment of local government authorities to providing all forms of support to consolidate Dubai’s position as a leading global maritime hub. It will promote maritime development and safety by requiring higher levels of operational performance and advanced…
QE2 Future in Dubai on Hold
Dubai has cancelled plans to host over 160 events aboard the QE2, which is currently moored at Port Rashid, while the emirate plans how to dispose of the asset. Dubai has cancelled plans to host over 160 events aboard the QE2, the iconic cruise liner it bought for $100m in 2007 and which is currently moored at Port Rashid, Arabian Business has learned. Owned by Istithmar, the investment arm of state-owned Dubai World, since June 2007, various plans have been pitched over the last five years to turn the 45 year-old cruise liner into a luxury floating hotel.
Braemar Adjusting Opens New Dubai Office
Braemar Adjusting has underlined its commitment to the Middle Eastern onshore and offshore Energy Insurance Market by opening a dedicated loss adjusting operation, based in Dubai. With effect from 1 April 2013, Chris Eades, Regional Director for the Middle East, and Senior Adjuster Sam Foster, will start working from the Dubai World Trade Center Building offices of sister company Braemar Salvage Association, before moving into their own Braemar Adjusting offices later in the year. Welcoming the development, Grant Smith, Group Managing Director of Braemar Adjusting, said: “Within Braemar we place a huge emphasis on client service and the expertise of our personnel.