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SHIPPING + MARITIME-
#1- DP World completes Callao port expansion: DP World has completed its USD 400 mn Bicentennial Pier expansion project at Callao port in Peru, according to a press release. The expansion boosts the port’s container handling capacity by 80%, the statement said.
Background: DP World commenced the expansion project in September 2021 with an initial investment of USD 350 mn. The Port of Callao handles almost 90% of Peru’s container traffic, with DP World managing around 60% of the port’s containerized cargo.
#2- DP World has more than doubled its container shipping capacity at Romania’s Constanta port, which is part of a EUR 130 mn investment by the company to boost its cargo capacity in the country, DP World Romania CEO Cosmin Carstea told Reuters in an interview. The company’s container shipping capacity has now surged to 1.5 mn (TEUs) from the 700k TEUs handled in the year prior, Carstea said. The facilities can increase flows by some 2mn metric tons per year, the newswire added.
INVESTMENTS-
Target Plus inked an MoU with Italy’s Impero Milano to establish a new investment firm in Dubai, dubbed Impero Investment Dubai, specializing in global investments, Khaleej Times reports. The new firm looks to foster multiple projects and investments across various fields, focusing on ramping up economic ties between the UAE and Italy.
DP World is looking to invest in Thailand’s Land Bridge project, which aims to establish a logistics corridor between Chumphon in the Gulf of Thailand and Ranong on the Andaman Coast, Bangkok Post reported, citing a statement from Thailand’s transport minister. DP World Chairman and CEO Sultan Ahmed bin Sulayem is set to meet with Thai Prime Minister Srettha Thavisin on 1 July to discuss the matter. Thailand announced in September that it was looking for investors for its Land Bridge Project, which is set to cost THB 1 tn, Bangkok Post reported.
TRANSPORT-
Dubai’s Roads and Transport Authority (RTA) initiated the study and design stage for the second phase of its Intelligent Traffic Systems Improvement and Expansion project, according to an RTA statement. This phase’s goal is to achieve complete coverage of the UAE’s main roads by 2026, up from the current 60%. The system’s coverage of the road network will extend to 710 km from the existing 480 km.
AVIATION-
US fines Emirates for operating in prohibited airspace: The US has fined Emirates Airlines USD 1.5 mn for operating flights with the designator code of JetBlue Airways in restricted airspace, Reuters reports.
INS.-
Moody’s assigned Dubai Ins. an A3 ins. financial strength rating (IFSR), and revised its outlook to positive from stable, Argaam reports. The A3 rating highlights the company’s strong commercial standing and brand, as well as its ranking as the fourth-largest entity in the UAE ins. sector.
BUSINESS-
The Dubai Chamber of Commerce established a Mexican Business Council to boost trade and investment ties between the UAE and Mexico, Wam reports. There are currently 108 Mexican companies registered as members of the Dubai Chamber of Commerce as of 1Q 2024.
INFRASTRUCTURE-
The Dubai Electricity and Water Authority (Dewa) commissioned an AED 287.8 mn water reservoir in Enkhali to boost water supply and meet growing demands, according to a press release. The reservoir has a capacity of 120 mn imperial gallons (MIG) and is connected to Dubai’s water network. New reservoirs being built in Enkhali, Lusaily, Hassyan, and Hatta will increase Dubai’s storage capacity to 1121.3 MIG of desalinated water when completed, from 1001.3 currently.
REGULATION-
PM greenlights boards of Dubai Women Establishment + Emirates International Accreditation: The Emirates International Accreditation Centre is set to establish its first board of directors as per a directive issued by Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, according to a statement from the Dubai Media Office. The board will be headed by Dubai Municipality Director General Dawoud Al-Hajri, with Hilal Humaid serving as Saeed Al Kaabi as vice chairman. Al Maktoum also directed the establishment of a board of directors for the Dubai Women Establishment, to be chaired by its Managing Director Mina Ghanem Al Marri, the Dubai Media Office said in a separate statement.
TECH-
Dubai launches new initiative for prototypes and pilot models: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the launch of the Dubai Future Solutions – Prototypes for Humanity initiative, in a bid to advance innovative prototypes and pilot models, Wam reports. The initiative will showcase top innovations annually at the Dubai Future District, and facilitate job creation and investment windows via the Dubai-based innovation ecosystem AREA 2071 and Dubai Future Accelerators.
Backers: The initiative is backed by Dubai International Financial Centre, Dubai Culture, and national programs including Dubai Research and Development Program and Dubai Robotics and Automation Program. Hussain Sajwani – DAMAC Foundation also committed AED 100 mn to the initiative, as part of a cooperation agreement inked with Dubai Future Foundation.
