Day: November 3, 2022

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CGTN: Foreign capital positive on Chinese market

BEIJING, Nov. 2, 2022 /PRNewswire/ — The majority of foreign-funded enterprises remain positive on the Chinese market, as China has vast opportunities in the coming years with unremitting opening-up efforts, an improved business environment and a bright market growth outlook.

The successful conclusion of the 20th National Congress of the Communist Party of China has further boosted foreign enterprises’ confidence in the market, according to a survey released on October 27 by the China Council for the Promotion of International Trade (CCPIT).

Among the more than 500 foreign enterprises surveyed, 96.7 percent affirmed China’s development achievements over the past decade and 96.9 percent expressed stronger confidence in the Chinese market.

China has been striving to create new opportunities for the world through its own development. The China International Import Expo (CIIE) is such a move to actively open the Chinese market to the world.

This year’s CIIE has attracted 284 Fortune Global 500 and industry-leading companies. Nearly 90 percent of Fortune Global 500 and industry-leading companies who attended last year’s event are returning this year. Rio Tinto, BHP Group, ThyssenKrupp and Gilead Sciences are among the Fortune Global 500 companies making their CIIE debut.

Attractive Chinese market

Such uplifting sentiment among foreign businesses was also reflected in China’s foreign direct investment (FDI) figures. In the first nine months of 2022, China’s FDI inflow in actual use topped $155.3 billion, a year-on-year increase of 18.9 percent, data from the Ministry of Commerce (MOFCOM) showed.

From January to September, investment from Germany jumped 114.3 percent on an annual basis, while investment from South Korea surged 90.7 percent, from Japan 39.5 percent and the UK 22.3 percent, according to MOFCOM.

China is leading the world in foreign capital inflows. Its global share of FDI in the first quarter (Q1) of 2022 was 19.5 percent, ranking first in the world, according to the Organization for Economic Cooperation and Development.

Improving business environment

In Q1, roughly 90 percent of foreign-funded enterprises were satisfied with China’s policies concerning market access, promotion of market competition, access to business premises and financial services.

A separate survey released by the CCPIT on October 27 showed that nearly 80 percent of foreign firms surveyed have maintained their current scale of production and business in China, while more than 5 percent have expanded investment as they prioritize strategic development in China.

https://news.cgtn.com/news/2022-11-01/Graphics-Foreign-capital-still-positive-on-Chinese-market-1eC4WjVN27u/index.html

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UAE stocks end in green

ABU DHABI, UAE financial markets ended in the green Wednesday as Dubai’s main share index gained 0.660%, and Abu Dhabi’s index added 0.165%.

In the capital, FAB, ALPHADHABI, ALDAR ended higher at AED17.980, AED25.2 and AED4.3 respectively.

The blue-chip developer Emaar Properties was among the best performers in Dubai, gaining 2.010 % to close at AED6.090, and DEWA finished 1.620% up at AED2.510.

The upbeat sentiments were driven by the robust corporate earnings for the 3rd quarter of 2022 as caution persists in wait for the US Fed’s interest rate hike decision.

Source: Emirates News Agency

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AD Ports Group acquires 80% stake in Global Feeder Shipping

ABU DHABI, AD Ports Group today announced that it had signed an agreement to acquire an 80% equity stake in Dubai-based Global Feeder Shipping (GFS), a global container shipping company.

The total purchase consideration for the 80% stake amounts to AED2.9 billion (US$800 million), implying a 100% Enterprise Value of AED3.7 billion (US$1.0 billion), with the acquisition being fully funded through a new acquisition loan.

This earnings and value-accretive strategic investment significantly broadens AD Ports Group’s global feeder shipping footprint and contributes to its long-term strategy to become one of the world’s premier short-sea and feeder shipping players.

GFS’ LTM financial performance was strong, with revenue of $1,085 million, EBITDA of $521 million (EBITDA Margin of 48%), and Net Profit of $481 million.

The company has built one of the largest fleets of container ships globally, featuring 26 owned and operated vessels with a total capacity of 72,500 TEUs, covering the Middle East, Indian Subcontinent and Southeast Asia with services connecting the UAE to India, Pakistan, Sri Lanka, Egypt, Sudan, Djibouti, Yemen, Kingdom of Saudi Arabia, Bahrain, China, South Korea, and Vietnam, among others.

AD Ports Group will look to integrate GFS into its Maritime Cluster, which already offers a comprehensive portfolio of shipping, offshore and subsea services. Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world’s largest independent feeder company by vessels owned, with an owned fleet of 35 vessels, and the third largest globally by volumes carried with a total container capacity of 100,000 TEUs.

The acquisition will boost AD Ports Group’s trade activities and connectivity to core markets and enhance its feedering business, providing significant economies of scale through an expanded route network and fleet. In addition, the acquisition will further strengthen the company’s hub and spoke model by linking core markets in the Gulf, Indian Subcontinent, Red Sea, and Turkey to its key port assets, including Khalifa Port.

GFS’ integration with SAFEEN Feeders’ services has the potential to generate significant operational synergies.

Subject to regulatory approvals, the transaction is expected to close in Q1 2023. GFS’s existing management will remain in place, with the founders retaining a 20% stake in the company.

Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said, “At the direction of our nation’s wise leadership, AD Ports Group has been on a development journey throughout 2022, driven by both organic growth and prudent investments. Our acquisition of a majority stake in GFS, which is the largest external investment in our company’s history, will deliver a step-change in the range of services we can offer and significantly enhance our global connectivity.”

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said, “Our Maritime Cluster has delivered remarkable returns in 2022, reflecting the significant market appetite for shipping, offshore and subsea services, and integrating GFS into our operations will enable us to increase our customer base, broaden our global footprint and build upon this significant momentum. As always, we thank the UAE’s wise leadership, whose support has enabled us to achieve today’s historic announcement.”

Amir Maghami, Chairman of GFS, said, “Our priority has always been to continuously improve our systems and processes to serve global trade, and under the ownership of AD Ports Group we will be able to deliver a new level of service and support for international customers.”

Citi acted as the financial advisor and A&O as the legal advisor, while Roland Berger completed the commercial due diligence and KPMG the financial and tax due diligence for AD Ports Group in this transaction.

Source: Emirates News Agency

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DEWA celebrates UAE Flag Day with pride and loyalty

On Flag Day, Dubai Electricity and Water Authority (DEWA) has responded to the call of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by raising the UAE flag along with all ministries and organisations at one time on 3 November to mark Flag Day. DEWA celebrated UAE Flag Day in a distinguished national atmosphere, reflecting the loftiest images of unity, pride and loyalty to the wise leadership and the Union Flag.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, raised the flag at 11 am, attended by DEWA’s Executive Vice Presidents, Vice Presidents and employees. The event was broadcast on DEWA’s internal portal.

“I congratulate His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; Their Highnesses the Members of the Supreme Council and Rulers of the Emirates; Their Highnesses the Crown Princes; and the noble Emirati people and residents of this generous country, on the occasion of ‘Flag Day’. We celebrate Flag Day annually to symbolise the UAE sovereignty and pride, and we renew our loyalty and belonging to keep the UAE’s flag fluttering high and preserve the glory of our Emirati people,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

“This national celebration is imbued with the highest feelings of pride, cohesion and brotherhood, and the highest degree of patriotism among Emiratis and residents of the UAE. This represents the depth of their gratitude, support, and appreciation for the development and prosperity journey established by the Founding Fathers and carried on by the wise leadership. This consolidates the country’s competitiveness and its leading global position, to remain the land of tolerance and peace, a beacon for goodness and a guarantee of a brighter and more sustainable future for all humanity,” added Al Tayer.

DEWA’s celebrations of Flag Day included a dedicated section on its internal portal with national information and facts about the UAE flag. The Flag Day logo was also displayed on all screens across DEWA. The event included an area dedicated to food carts and an array of interactive activities.

Source: Dubai Electricity and Water Authority

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Dubai Police celebrates UAE Flag Day

The Dubai Police have joined the UAE leadership, citizens, and residents in celebrating the country’s Flag Day and raised the flag high and proud at the headquarter premises.

The ceremony was attended by His Excellency Lieutenant General Abdullah Khalifa Al Marri, the Commander-in-Chief of Dubai Police, and a number of Dubai Police senior officers, general directors, and employees.

The Commander-in-Chief of Dubai Police raised the flag as the national anthem was being performed by the Dubai Police Musical Band and sung by officers from the Dubai Mounted Police, Luxury Patrols, and students of the Dubai Police Academy and Hemaya Schools.

Lt. Gen. Al Marri said that UAE Flag Day is a national occasion during which we renew our loyalty and belonging to our homeland and our wise leadership, a gesture we are determined to instil in the hearts of future generations.

The Commander-in-Chief of Dubai Police explained, “On 3rd November every year, we celebrate the wise leadership that has put us in the highest world ranks in all fields. We proudly raise the UAE flag and keep it flying high as a symbol of our identity, sovereignty, and unity and an outline of our accomplishments and aspirations for the future.

“True citizenship is about working together, rising together, and protecting our homeland. Our eyes are watchful with sincerity, dedication, and honesty to raise the UAE’s flag at all international events,” Lt. Gen. Al Marri concluded.

Source: Dubai Police

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UAE leaders congratulate President of Panama on Independence Day

ABU DHABI, President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Laurentino Cortizo of Panama on the occasion of his country’s Independence Day, which is marked on 3rd November.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, also sent a similar congratulatory message to President Cortizo.

Source: Emirates News Agency