Logistics DP World among bidders for $84m Indian port upgrade By Pramod Kumar September 19, 2024, 5:14 AM Wam DP World is already investing $3bn in new ports, terminals and economic zones in India’s western state of Gujarat DP World is among the bidders to develop and upgrade a port in India’s eastern state of West Bengal, according to a media report. Indian conglomerate Adani is also in the running, The Telegraph, an Indian newspaper, reported The private-public-partnership project involves reconstructing one berth and mechanising two berths at Netaji Subhas Dock, Kolkatta, for an estimated investment of INR7 billion ($84 million). Additionally, the project involves installing a rail-mounted quay crane for faster container cargo handling. DP World profit falls 60% amid Red Sea disruption DP World’s London Gateway to become UK’s largest seaport DP World hits out at Djibouti after latest court victory Rathendra Raman, chairman of SMPK, said that the tender will be awarded once the security clearance is received from the federal government. The 30-year concession, based on a design, build, finance, operate and transfer model, will be awarded to the highest bidder, he said. The new facility will increase the capacity to 800,000 TEUs (twenty-foot equivalent units), up from 500,000 TEUs, with a completion timeline of two years, the news report said. In January, Dubai-based DP World said it plans to invest $3 billion to develop new ports, terminals and economic zones in India’s western state of Gujarat over the next three years.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
