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DP World, Israel's DoverTower Sign MoUs to Consolidate Trade

The two sides sign the MoUs. WAM
The two sides sign the MoUs. WAM
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DP World, Israel's DoverTower Sign MoUs to Consolidate Trade

The two sides sign the MoUs. WAM
The two sides sign the MoUs. WAM

Dubai-based port operator DP World and Dubai Customs will be exploring opportunities to develop trade links between Israel and the UAE, following the signing of a series of memorandums of understanding, Emirates News Agency (WAM) reported on Wednesday.

Group Chairman and CEO of DP World Sultan Ahmed bin Sulayem signed MoUs with DoverTower, a company owned by Shlomi Fogel, the co-owner of Israel Shipyards and Port of Eilat, it said.

The MoUs create a framework for the companies to work together in assessing opportunities to develop infrastructure for trade between the two countries, as well as within Israel and the region.

Under the MoUs, DP World will assess the development of Israeli ports and free zones and the potential establishment of a direct shipping route between Eilat and Jebel Ali.

Dubai Customs will promote and facilitate trade between private entities in the two countries through customs best practice and seamless, innovative processes.

Drydocks World will also explore business opportunities with Israel Shipyards on a joint venture for developing, manufacturing and marketing ISL products.

The chairman and CEO of DP World said the MoUs will contribute to the efforts to tap economic and trade cooperation opportunities.

“DP World’s mission is to enable global trade – our work to build trade routes between the UAE, Israel and beyond will help our customers to do business in the region more easily and efficiently,” WAM quoted him as saying.

Fogel said: "This is a great honor to work and collaborate with Sultan bin Sulayem. I’m proud of our mutual friendship and vision to create a strategic partnership that will positively impact the global trade and economy while strengthening the commercial relationship between the state of Israel and the United Arab Emirates.

"I believe that this agreement is just the beginning of mutual and long collaboration and more agreements will follow between DP World and DoverTower across different industries.

"I am also happy to announce that DP World and Israel Shipyards will collaborate to establish a joint venture that will participate in the tender for privatization of the Port of Haifa."

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Saudi Sovereign Wealth Fund Launches First Global Commercial Paper Program

 The Saudi capital, Riyadh (SPA) 
 The Saudi capital, Riyadh (SPA) 
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Saudi Sovereign Wealth Fund Launches First Global Commercial Paper Program

 The Saudi capital, Riyadh (SPA) 
 The Saudi capital, Riyadh (SPA) 

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has launched its first-ever global commercial paper program, marking a significant step in strengthening its short-term financing capabilities and expanding its reach in international capital markets.

According to an official statement, the program allows for the issuance of commercial paper through Special Purpose Vehicles (SPVs). It consists of two sub-programs: one for the US market and another for the European market.

The program has already earned top credit ratings: Moody’s assigned it a Prime-1 (P-1) rating, the highest short-term grade, while Fitch Ratings awarded an F1+ rating, also its highest for short-term instruments.

Fahad AlSaif, Head of Global Capital Finance and Head of Investment Strategy at PIF, said the launch aligns with the Fund’s broader financing strategy. “This program reflects our flexible and effective approach to funding, designed to support our long-term investment priorities,” he noted.

Commercial paper is widely used in global financial markets as a tool for short-term liquidity management. PIF’s program is expected to enhance its agility in managing cash flow while complementing its long-term funding plans.

Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the initiative highlights PIF’s commitment to robust liquidity management and its ambition to lead both domestically and internationally. He called the move a “strategic addition” to PIF’s funding ecosystem, noting that the strong credit ratings will allow the Fund to secure financing at competitive rates, positioning it to capitalize on key investment opportunities without being overly exposed to short-term market volatility or interest rate risks.

Al-Farraj added that the launch supports PIF’s strategy to diversify its funding sources and balance short-term needs with long-term goals. He pointed out that it will help drive major projects in critical sectors such as renewable energy, future industries, and advanced technology - key pillars of Saudi Arabia’s Vision 2030.

He also emphasized the program’s role in strengthening Saudi Arabia’s standing as a global financial hub and increasing its appeal to international investors.

The initiative follows PIF’s broader financing roadmap, which includes issuing green bonds - such as its landmark $3.5 billion sukuk offering - and reflects its continued pursuit of innovative, sustainable funding solutions to fuel the Kingdom’s economic transformation.