DP World Launches Wholesale E-Commerce Platform

DP World has launched a global wholesale e-commerce platform, which was first available in Rwanda, with plans to expand across Africa and the world. (WAM)
DP World has launched a global wholesale e-commerce platform, which was first available in Rwanda, with plans to expand across Africa and the world. (WAM)
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DP World Launches Wholesale E-Commerce Platform

DP World has launched a global wholesale e-commerce platform, which was first available in Rwanda, with plans to expand across Africa and the world. (WAM)
DP World has launched a global wholesale e-commerce platform, which was first available in Rwanda, with plans to expand across Africa and the world. (WAM)

Dubai-based port operator DP World has launched a global wholesale e-commerce platform, which was first available in Rwanda, with plans to expand across Africa and the world.

The website, DUBUY.com, will add digital trading corridors to the physical corridors DP World has built across Africa with its investment in ports, terminals and logistics operations.

It will partner with local businesses and the Rwandan government to help unlock access to global markets for small and medium UAE enterprises using DP World’s end-to-end integrated supply chain services to fulfill orders for export and to receive goods.

The platform also enables global companies to find and serve new trading partners in Africa, opening up access to fast growing markets.

Online marketplaces are a significant opportunity for economic growth in Africa, which today accounts for less than 0.5 percent of global e-commerce according to the United Nations Conference on Development and Trade.

In 2018, trade between the UAE and Rwanda reached AED1.6 billion ($434.8 million), with the size of trade growing significantly in the last decade as part of wider bilateral and economic ties.

According to Clare Akamanzi, CEO of Rwanda Development Board: “The platform will make the previously impossible, possible, for many Rwandan entrepreneurs to trade with the UAE – and beyond.”

“People and companies across the globe are resorting to technology to fuel their post-pandemic recovery and improve access to global trade.”

“World class e-commerce platforms backed by innovative, reliable logistical networks can lead the charge, transforming how business is done across the continent,” Akamanzi explained.

Mahmood al-Bastaki, chief operating officer of DT World, a wholly-owned DP World subsidiary, said the website represents a new model of partnership with the UAE designed to bolster the existing potential in Rwanda and open businesses and markets by enabling trade and supplying innovation.

“This technology allows home grown businesses to become international manufacturers and exporters - by linking them with new markets in Africa, the Middle East and eventually the rest of the world.”

In Rwanda, this includes the promotion of valuable exports like tea, coffee and horticulture, through a network that significantly upgrades the country’s supply chain logistics – both in urban and rural areas, Bastaki explained.

It further provides access to new digital tools that will help local businesses prosper, he added, noting that the “DP World is not just building in Rwanda, it is building with Rwanda – for Rwanda.”

Meanwhile, Mike Bhaskaran, Chief Operating Officer, Technology and Logistics at DP World, said the port operator is investing to build the future of world trade.

“Our vision is to create more efficient trading corridors for our customers through our ports and logistics and digital technology to make operations more efficient, and now online platforms for trade.”

He expressed pride in DP World’s contribution to support economic development and increased prosperity in Africa.



Oil Edges Higher on Supply Concerns While Market Seeks Peace Talks Clarity

Oil Edges Higher on Supply Concerns While Market Seeks Peace Talks Clarity
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Oil Edges Higher on Supply Concerns While Market Seeks Peace Talks Clarity

Oil Edges Higher on Supply Concerns While Market Seeks Peace Talks Clarity

Oil prices edged up on Wednesday, buoyed by concern over oil supply disruptions in Russia and the US while the market awaits clarity on sanctions as the US attempts to broker a deal to end the war in Ukraine.

Brent crude futures were up 64 cents, or 0.8%, at $76.48 a barrel by 1339 GMT, on track for a third day of gains.

US West Texas Intermediate crude futures for March rose 75 cents, or 1%, to $72.60, up 2.6% from the previous close before Monday's US public holiday.

The March contract expires on Thursday and the more active April contract gained 70 cents, or 1%, to $72.53.

"The market is trying to make up its mind on three bullish drivers: Russia, Iran and OPEC," said BNP Paribas commodities strategist Aldo Spanjer. "People are trying to figure out the impact of announced and actual sanctions."

Questions also remain over whether sanctions on Russia could be phased out after talks between the US and Russia in Riyadh, but it may be too early for that, Spanjer said, Reuters reported.

Meanwhile, drone attacks on Russian oil infrastructure are reducing supplies.

Russia said that Caspian Pipeline Consortium (CPC) oil flows, a major route for crude exports from Kazakhstan, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station. A 30% cut would equate to the loss of 380,000 barrels per day (bpd) of market supply, Reuters calculations show.

In the US, cold weather has threatened oil supply, with the North Dakota Pipeline Authority estimating that production in the state would be down by as much as 150,000 bpd.

"The psychologically important $70 level (for oil prices) appears to have held firm, aided by the Ukrainian drone attack on the Russian oil pumping station and fears that cold weather in the US may curtail supply," said IG market analyst Tony Sycamore.

"On top of that there is some speculation that OPEC+ may decide to delay its planned supply increase in April," he added, referring to the Organization of the Petroleum Exporting Countries and allies. BNP's Spanjer expects the cartel to extend its output cuts.

However likely or not a US-brokered peace deal between Russia and Ukraine may be, analysts at Goldman Sachs said that any associated easing in sanctions against Russia is unlikely to bring a significant increase in oil flows.

"We believe that Russian crude oil production is constrained by its OPEC+ 9 million barrels per day production target rather than current sanctions, which are affecting the destination but not the volume of oil exports," they said in a report.

Israel and Hamas will also begin indirect negotiations on a second stage of the Gaza ceasefire deal, officials said on Tuesday. A ceasefire could lead to easing oil prices as the risk of conflict-driven supply disruption reduces.

Various tariffs being announced by the Trump administration could also weigh on oil prices by raising the cost of consumer goods, weakening the global economy and reducing demand for fuel. Trump said on Tuesday that he intended to impose auto tariffs "in the neighbourhood of 25%" and similar duties on semiconductors and pharmaceutical imports.