The Belawan New Container Terminal in Indonesia. DP World's planned expansion of the terminal will help develop the economy of Sumatra. Photo: Midstream
The Belawan New Container Terminal in Indonesia. DP World's planned expansion of the terminal will help develop the economy of Sumatra. Photo: Midstream
The Belawan New Container Terminal in Indonesia. DP World's planned expansion of the terminal will help develop the economy of Sumatra. Photo: Midstream
The Belawan New Container Terminal in Indonesia. DP World's planned expansion of the terminal will help develop the economy of Sumatra. Photo: Midstream

DP World to more than double capacity at Indonesia’s Belawan New Container Terminal


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DP World will begin operations at Indonesia’s Belawan New Container Terminal (BNCT), after finalising an agreement with the Indonesia Investment Authority and state-owned port operator Pelindo to manage the terminal and expand its capacity.

The tripartite partnership will establish Indonesia’s most direct link with the Malacca Strait, one of the world’s busiest shipping routes, the Dubai-based port operator said on Friday.

In the longer term, the agreement aims to increase BNCT’s capacity to 1.4 million twenty-foot containers (TEUs), up from 600,000 TEUs at present, DP World said.

BNCT will also aim to attract more direct calls, reducing North Sumatra’s reliance on regional hub ports to access regional and global markets.

“We are proud to help Indonesia expand the Belawan New Container Terminal and support its ambitions to develop the economy of Sumatra through infrastructure," said Sultan Bin Sulayem, group chairman and chief executive of DP World.

"By investing in cutting-edge sustainable technologies, world-class training and the highest standards of health and safety, we aim to eliminate inefficiency and enable the flow of trade between Indonesia and the world.”

The UAE in 2021 invested $10 billion with the Indonesia Investment Authority, the country’s sovereign wealth fund.

The funds will be used in strategic sectors such as road and port infrastructure, tourism and agriculture, as well as other promising industries that can contribute to Indonesia’s economic growth and social progress.

The BNCT currently serves as a local hub for neighbouring provinces in Sumatra. The expansion and modernisation programme will strengthen its position as a major trade and logistics gateway in the Malacca Strait, DP World said.

Besides modernising maritime infrastructure, DP World will also work with its partners to connect other terminals and small ports on the Island of Sumatra to further develop the BNCT’s role in reducing container logistics costs within Northern Sumatra.

“As directed by President Joko Widodo, there is always strategic value for equity and acceleration of economic growth in the regions and nationally through port development, including this new container terminal at the Port of Belawan which is believed to support downstream to maximise exports in new ways and also accelerate the economy in North Sumatra which continues to grow," Indonesia's minister of state-owned enterprises, Erick Thohir, said.

Brief scores:

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Mane 24', Shaqiri 73', 80'

Manchester United 1

Lingard 33'

Man of the Match: Fabinho (Liverpool)

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

MATCH DETAILS

Barcelona 0

Slavia Prague 0

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Rating: 1/5

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2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Key findings of Jenkins report
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  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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WHAT ARE NFTs?

     

 

    

 

   

 

Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

 

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

 

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

 
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Updated: June 23, 2023, 2:37 PM