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DP World to Build Port, Logistics Park in Indonesia

Work on the projects is expected to begin in the third quarter of 2021. Asharq Al-Awsat
Work on the projects is expected to begin in the third quarter of 2021. Asharq Al-Awsat
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DP World to Build Port, Logistics Park in Indonesia

Work on the projects is expected to begin in the third quarter of 2021. Asharq Al-Awsat
Work on the projects is expected to begin in the third quarter of 2021. Asharq Al-Awsat

DP World, the leading provider of smart supply chain logistics, alongside its partner Caisse de dépôt et placement du Québec (CDPQ), a global investment group, have signed a long-term agreement with Indonesia’s leading conglomerate Maspion Group to start the construction of an international container port and industrial logistics park in Gresik.

Work on the projects is expected to begin in the third quarter of 2021, with a total investment of up to $1.2 billion, enhancing East Java’s position as a key trade gateway for Indonesia.

The signing ceremony was held on Saturday in the presence of Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, and Luhut Binsar Pandjaitan, Indonesia’s Coordinating Minister for Maritime and Investment Affairs, in Jakarta at the ''Indonesia-Emirates Amazing Week 2021'' which was held under the theme ''Building Path Towards Economic Recovery''.

The signatories of the formal agreements were Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Chairman and CEO of Maspion Group Dr. Alim Markus.

Under the agreement, a joint venture company will be established between DP World and CDPQ’s global investment platform and Maspion Group, the first of its kind in the Indonesian transportation sector involving a foreign direct investor (FDI) partner and a private sector Indonesian company.

DP World Maspion East Java will become the sole operator of a modern international container port with design capacity of up to three million twenty-foot equivalent units (TEU).

DP World and CDPQ will also work with Maspion Group to develop an integrated industrial and logistics park, adjacent to the Container Terminal, with an initial land area of 110 hectares with scope for future expansion.

The Park will provide world-class trade environment for domestic and international businesses to help drive economic growth and create jobs.

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Business

Gold Rebounds from One-week Low as Dollar Slips

Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
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Gold Rebounds from One-week Low as Dollar Slips

Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)

Gold prices climbed 1% on Thursday, rebounding from a one-week low hit in the previous session as the US dollar eased, while investors assessed the likelihood of a Federal Reserve interest rate increase this month after a hot inflation report.

Spot gold rose 1% to $4,146.74 per ounce by ‌0501 GMT, after hitting ‌its lowest since October 7 on Wednesday. ‌US ⁠gold futures for December ⁠delivery gained 1.5% to $4,167.30.

The dollar slipped after scaling an 18-month peak overnight. A softer dollar makes greenback-priced bullion more affordable for buyers overseas.

"What we're seeing here is just the symptoms of a market uncertain about US interest rate policy, and that is resulting in a bit of volatility," said Kyle Rodda, senior ⁠financial market analyst at Capital.com.

"We're coming up to ‌a really critical level for ‌gold, which is just below the $4,000 level. If we see, again, some ‌really strong data, then there's a view that the Fed ‌will have to hike relatively urgently, then that will be the level of focus."

US consumer prices accelerated in September as the cost of gasoline surged. Traders are pricing in about a 29% chance of ‌a rate hike later this month, compared with 22% before the data, according to CME's FedWatch ⁠Tool.

San Francisco ⁠Fed President Mary Daly said the US central bank will probably need to increase short-term interest rates further, though she signaled no need for a hike at the October 27-28 meeting. Vice Chair for Supervision Michelle Bowman said there's time to wait and see before any more action.

Although gold is viewed as an inflation hedge, higher interest rates reduce its appeal because it does not pay interest.

Market focus now turns to the Producer Price Index (PPI) and retail sales data due at 1230 GMT.

Among other metals, spot silver gained 0.7% to $56.01, platinum rose 1% to $1,608.20 and palladium climbed 1.3% to $1,108.14.

Business

IMF Plans Mission to Lebanon in November

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
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IMF Plans Mission to Lebanon in November

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. (Reuters)

IMF officials held good discussions with Lebanese authorities this week that will continue in coming weeks, with ‌IMF staff ‌to visit ‌the ⁠country in November, a ⁠senior IMF official said on Thursday.

Athanasios Arvanitis, deputy ⁠director of the ‌IMF's ‌Middle East and ‌Central Asia ‌Department, said the focus of the discussions had been ‌on the banking sector and ⁠ensuring ⁠that the Lebanese people had confidence in the system, Reuters reported.

Restoring debt sustainability was another key issue, Arvanitis said.

Business

Oil Prices Retreat as Investors Weigh Supply Outlook, Middle East Tensions

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
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Oil Prices Retreat as Investors Weigh Supply Outlook, Middle East Tensions

FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo

Oil prices fell more than 1% on Thursday as investors weighed risks to supply from attacks on shipping through the Strait of Hormuz against US efforts to cut petroleum shipping costs by easing sanctions on vessels.

Brent crude futures fell $1.64, or 1.6%, to $104.42 a barrel by 0337 GMT, while US West Texas Intermediate crude futures were down 98 cents, or 1%, to $94.11, reversing gains from the previous session.

WTI rose to a three-week high in the prior session after Iran said it was deploying new tactics to target ships in the Strait ‌of Hormuz and ‌keep oil prices high.

A container ship and a dry bulk ‌carrier ⁠both sank near ⁠the strait in the past 24 hours after being hit by projectiles in separate incidents, maritime officials said on Wednesday.

Attacks around the waterway have surged over the past 10 days, with Iran saying it is stepping up strikes in response to the US blockade of its ports and tougher sanctions introduced last month.

With the Iran war having disrupted shipping and driven up freight costs to record highs, the Trump administration is considering easing sanctions on so-called shadow-fleet vessels that have ⁠transported oil and petroleum products from countries including Russia, Iran and ‌Venezuela to help ease prices, a US official said ‌on Wednesday.

The new talks center on the United States potentially allowing "legal oil" to flow on previously sanctioned ‌vessels, the US official said.

Increased output from Russia and the Middle East has kept ‌a lid on prices. Russia's crude oil production rose by 65,000 barrels per day in September to 8.43 million bpd but remained down 870,000 bpd year over year, the International Energy Agency said on Wednesday.

The IEA also said crude oil exports from Middle East Gulf producers rose by 4.4 million bpd ‌in September to around 75% of prewar levels.

"While there is little concrete evidence of a near-term peace deal, oil continues to find ⁠its way to ⁠buyers through alternative routes and logistical arrangements," said Phillip Nova's head of market insights, Priyanka Sachdeva, in a client note.

"These workarounds have helped prevent a more severe supply shock, although they come at a higher cost and leave global flows vulnerable to further disruption."

In the US, crude oil and distillate inventories fell, while gasoline stocks rose last week, market sources said on Wednesday, citing data from the American Petroleum Institute.

Crude stocks fell by 11.1 million barrels in the week ended October 9, sources said. That was a much bigger draw than analysts polled by Reuters expected.

"Despite the sharp inventory draw, oil prices barely reacted. The failure to rise on bullish news suggests investors are cautious about chasing prices higher at current levels," said Haitong Futures in a note on Thursday.

Official numbers from the US Energy Information Administration are due at 12 p.m. EDT (1600 GMT), delayed by a day following the Columbus Day holiday on Monday.