DP World-CDPQ platform secures funds for new terminal investments

first_img Despite the impacts of COVID-19 and shifts in the global supply chain landscape, the ports sector has demonstrated a fair degree of resilience. Through recent strategic investments in automation and digital technology, DP World said it has strengthened its logistics capabilities, combined with the maritime services operations and worldwide network of ports and terminals, to provide a full suite of end-to-end smart supply chain solutions. “The partnership between DP World and CDPQ has been very successful, and we have benefited from each other’s expertise. The opportunity landscape for the port and logistics industry is significant and the outlook remains positive as consumer demand triggers major shifts across the global supply chain,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, commented. As informed, the commitment increases the total size of the platform to $8.2 billion.  “Building on the success of the first collaboration with our strategic partner, DP World,… the enhanced platform will seek investments in high-quality port and terminal infrastructure assets that will help design the future of smart trade and logistics,” Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said. Since its launch in December 2016, the platform has invested in ten port terminals globally and across various stages of the asset life cycle. In the first half of 2020, the port operator reported a profit attributable to owners of $313 million, a decrease of 58.5 per cent from $753 million seen in the corresponding period a year earlier. DP World controls 55 per cent share of the platform, while CDPQ holds the remaining 45 per cent. center_img According to DP World, the enhanced platform will continue to target assets globally, but with an increased scope to broaden its footprint in new and existing geographies, such as Europe and Asia Pacific. The investment platform will pursue its deployment and diversification objectives by expanding across a wider part of the integrated marine supply chain, such as logistics services linked to terminals. “As we take the next step in our partnership, we will further diversify our geographic reach and look to seize new opportunities in a sector that, even during a uniquely challenging period, is driven by long-term fundamental trends.” Dubai-based port and terminal operator DP World and Canada’s insitutional investor Caisse de dépôt et placement du Québec (CDPQ) have announced the expansion of their ports and terminals investment platform through a new commitment of $4.5 billion. “(W)ell connected ports and efficient supply chains will continue to play an active role in advancing global trade and cultivating the business environments closest to their operations. Alongside CDPQ, … we look forward to working together on new investments that will connect key international trade locations worldwide.” On the other hand, the company reported revenue growth of 17.7 per cent on a reported basis having booked $4.07 billion in revenue for the period. DP World said the results were better than expected given the negative impact of COVID-19 on the world trade.last_img read more

‘Racism is real’, Sammy urges governing bodies to do better

first_imgBy Amlan ChakrabortyNEW DELHI, India (Reuters) – Former West Indies captain Darren Sammy has urged cricket’s governing bodies to treat racism more seriously and pay it the same attention they give to upholding the integrity of the game.Athletes across the world have spoken out about racism in sport as part of the Black Lives Matter protests after the death of George Floyd, a black man who died in police custody in Minneapolis on May 25.Sammy, who led West Indies to two Twenty20 World Cup titles, has been at the forefront of the movement in cricket and wants those who run the game to do more.“We’ve made the recommendations. You know racism is real. It is not something that we can hide,” Sammy told Reuters from Trinidad, where he is playing in the Caribbean Premier League (CPL).“So I urge them (to give racism) the same emphasis they put on protecting the integrity of the game. Why not protect the integrity of human beings?“If you’re able to raise awareness in the game, where every person, every human being is treated equally, regardless of the colour of their skin, I think that is the way the world should be.”Sammy, who led the St Lucia Zouks in the CPL final against Trinbago Knight Riders later yesterday, travels around the world with his former West Indies team mate Chris Gayle to play in numerous domestic tournaments as Twenty20 freelancers.Both have complained about facing racial abuse in the past.Former Pakistan captain Sarfaraz Ahmed was slapped with a four-match ban last year for a racist remark aimed at South Africa all-rounder Andile Phehlukwayo, while England’s Black fast bowler Jofra Archer was abused on social media.England joined West Indies in wearing ‘Black Lives Matter’ logos on their shirts during their recent Test series and also took the knee as part of the protests against racism.“It’s amazing to see the lack of conversation in the cricket circle from certain parts of the world when it comes to social injustice and racism and all these things,” Sammy added.“Yes, we saw West Indies play England, so it was bound to happen, the show, the support for Black Lives Matter. But what about the other boards? What about the other territories? I have not heard a statement from a few of the other boards.“If you do care about the integrity of the game and don’t take a stance against racism, or social injustice against people of colour, then to me you’re really not doing your job.”Sammy caused a stir when he made an allegation of racism against his former Sunrisers Hyderabad team mates over a Hindi nickname he was given when he was part of the Indian Premier League (IPL) franchise from 2013 to 2014.West Indies later accepted a former team mate’s explanation and now hopes the issue can be used to educate players about racism.“My focus now is to educate people on certain slurs that is inappropriate to people of colour,” added Sammy, who felt his T20-related travel had helped him better understand the culture and different backgrounds of players across the world.“That’s where I will always use my voice to advocate change for the better.”‘Racism is real’, Sammy urges cricket to do betterlast_img read more