DP World, Dubai's port operator, is to focus on emerging markets, its chairman said this afternoon, after the company announced it had raised $1.5 billion by selling off 75 per cent of its Australian operations.
The company said it would make profit in excess of $300m on the sale of DP World Australia to Citi Infrastructure Investors and an institutional partner, which was not identified.
The cash injection will be used to pay down DP World's outstanding debts, which are currently $5.9bn.
In a conference call, Sultan Ahmed bin Sulayem, chairman of DP World, said that there were "new opportunities in higher-margin markets," such as Southeast Asia, Africa and South America, but stressed that the port operator was not abandoning developed markets.
"Our focus is on emerging markets, but we're not going to be going out and selling [ports in] our mature markets," he added.
He added that there will be no changes to staff or management at the company's five existing container terminals in Brisbane, Sydney, Melbourne, Adelaide and Fremantle.
"It will be business as usual for DP World and our customers," he said.
Mr Sulayem added that the company was in the early stages of negotiations to bid for an expansion of facilities at San Antonio Port in Chile.
Investors said that the sale of DP World Australia had been expected for some time.
"It shouldn't come as a surprise as they have been mulling an IPO since January," said Shehzad Janab, head of asset management at Daman Investment.
"We knew they had various international parcels and that left the Australian assets. After the reshuffle, it was either an IPO or a trade sell."
Zayed Sustainability Prize
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
UAE currency: the story behind the money in your pockets
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
COMPANY%20PROFILE
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MATCH INFO
Uefa Champioons League semi-final, first leg:
Liverpool 5
Salah (35', 45 1'), Mane (56'), Firmino (61', 68')
Roma 2
Dzeko (81'), Perotti (85' pen)
Second leg: May 2, Stadio Olimpico, Rome
