Britain's container revolution inspired by Jebel Ali



The best way to appreciate the sheer scale of DP World's London Gateway project is also somewhat nerve-racking.

From the boom of one of the 138-metre cranes jutting out high over the Thames estuary you get a bird's-eye view of Europe's newest deepwater port and the 1,500-acre logistics and industrial park that adjoins it.

You also run the risk of acute vertigo. But the importance of the strategic location of the site - once a Shell oil refinery - is immediately apparent.

On the horizon are the spires of London's new financial centre at Canary Wharf, symbolising London Gateway's proximity to its most important markets, while just a few miles upstream is the port of Tilbury.

DP World's plan is to accommodate ultra-large container ships that are too big to navigate the Thames at Tilbury and beyond. The state-of-the-art lifting gear is made in Shanghai by Zhenhua Heavy Industries Company, which is still finalising installation and operational training on the enormous machinery.

Three of the giant cranes, the biggest of their kind in the world, arrived at the Gateway site in April. A further 19 will be delivered over the coming years as Gateway is expanded upriver.

It will ultimately be able to handle 3.5 million standard-sized container units a year, challenging the container businesses at Southampton and Felixstowe, the two leading container ports in the United Kingdom.

The Gateway's Berth One is due to be open for business in the fourth quarter of the year, with a grand formal opening planned for some time next year.

DP World, the global ports business majority owned by Dubai World, is investing £1.5 billion (Dh8.41bn) over the 10-year to 15-year period of the Gateway's development.

For that money, it hopes to revolutionise the way Britain distributes goods to consumers, and become the centre of a new logistical system in the south-east of the country and beyond.

The Gateway project recently won the endorsement of one of Britain's leading companies, the retailer Marks & Spencer, which became an anchor tenant in the logistics park, building a £200 million warehousing and distribution hub there. As many as half of M&S's UK customers are estimated to be in the Gateway catchment area.

Other businesses are expected to follow. The key economic proposition of the project is that transportation costs can be dramatically reduced by Gateway's proximity to the markets of Britain's south-east, still the most affluent part of the country even after the austeritymeasures that the UK has undergone since the financial crisis.

But the basic idea - a modern port linked to an industrial and logistics hub - came from many thousands of kilometres away: Jebel Ali, DP World's global hub just south of Dubai and the biggest port in the Middle East, was the model for the grand project in the Thames estuary.

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Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

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THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
THE DETAILS

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Director: Ron Howard

2/5

Cryopreservation: A timeline
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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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
MATCH INFO

Leeds United 0

Brighton 1 (Maupay 17')

Man of the match: Ben White (Brighton)

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

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On sale: Available for preorder now

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

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Transmission: 9-speed automatic

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The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

SPECS
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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.”

COMPANY%20PROFILE
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Rooney's club record

At Everton Appearances: 77; Goals: 17

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