"We remain optimistic on the growth prospects in Australia and believe there is an exciting opportunity to enhance shareholder value," said Mr bin Sulayem. Pawan Singh / The National 
"We remain optimistic on the growth prospects in Australia and believe there is an exciting opportunity to enhance shareholder value," said Mr bin Sulayem. Pawan Singh / The National 

DP World boosts stake in Australia unit upping value to A$1.4bn



DP World, among the world's five largest port operators, has increased its stake in its Australian unit, a deal that will make it a majority shareholder and value the subsidiary at A$1.4 billion (Dh3.67bn).

The acquisition, which will have a neutral effect on earnings in the first full year of ownership, is expected to close in the first quarter of 2019 and subject to regulatory approval, the port operator said in a statement on Wednesday.

DP World is buying the additional stake, the size of which was not disclosed, from Gateway Infrastructure Investments and other financial investors. Corsair Infrastructure Partners, the manager of the Gateway Fund, will continue to manage a significant investment in the unit, the port operator added.

“We are pleased to announce this transaction that brings DP World Australia back into our consolidated portfolio, which presents a more optimal structure to drive this business forward, while continuing our relationship with CIP as a valued partner," said Sultan bin Sulayem, chairman of DP World. "We remain optimistic on the growth prospects in Australia and believe there is an exciting opportunity to enhance shareholder value by further developing the container terminals operations and expanding beyond the ports into logistics services.”

___________

Read more:

Lifting trade barriers key to Africa's economic emergence, DP World chairman says 

DP World reports drop in shipping container volumes due to 'market caution'

DP World launches $442m port expansion in Somaliland

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DP World entered the Australian market in Adelaide, which it subsequently sold off, and Brisbane through its takeover of CSX World Terminals in 2004. The company then acquired of P&O in 2006, giving it a presence in Sydney, Fremantle and Melbourne.

The port operator sold a 75 per cent stake in its operations in Australia to Citigroup’s Citi Infrastructure Investors for A$1.5bn in December 2010, as part of its efforts to reduce its debt following the financial crisis of 2008.

DP World Australia’s terminals have a combined capacity of approximately 4 million twenty-foot equivalent units – the measure of container volumes. In 2017, the port handled 3.4 million TEUs and generated over $400m in revenue.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY%20PROFILE
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The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

What is double taxation?
  • Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
  • Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
  • The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
  • Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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A cheaper choice

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The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

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Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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Brief scores:

Toss: Sindhis, elected to field first

Kerala Knights 103-7 (10 ov)

Parnell 59 not out; Tambe 5-15

Sindhis 104-1 (7.4 ov)

Watson 50 not out, Devcich 49

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  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
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  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
'Nightmare Alley'

Director:Guillermo del Toro

Stars:Bradley Cooper, Cate Blanchett, Rooney Mara

Rating: 3/5

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The specs

Engine: Direct injection 4-cylinder 1.4-litre
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Torque: 250Nm
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Details

Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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COMPANY%20PROFILE%20
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Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.