DP World Starts Construction of Banana Port in Congo

DP World and the Government of the Democratic Republic of the Congo laid the first stone to mark the start of construction of the new Banana Port. (DP World)
DP World and the Government of the Democratic Republic of the Congo laid the first stone to mark the start of construction of the new Banana Port. (DP World)
TT

DP World Starts Construction of Banana Port in Congo

DP World and the Government of the Democratic Republic of the Congo laid the first stone to mark the start of construction of the new Banana Port. (DP World)
DP World and the Government of the Democratic Republic of the Congo laid the first stone to mark the start of construction of the new Banana Port. (DP World)

DP World, the world's leading provider of smart logistics, and the Government of the Democratic Republic of the Congo (DRC), Tuesday laid the first stone to mark the start of construction of the new Banana Port.

The stone laying follows the signing of the collaboration agreement in December 2021 between DP World and the DRC Government to develop the first deep-water port in the country.

President of the DRC Félix-Antoine Tshisekedi said: "This is a proud and historic day for the DRC, as our vision to develop Banana Port to transform our country into a regional trade hub, becomes a reality."

"It will grow our economy by creating direct and indirect jobs, provide new opportunities in the supply chain and attract more foreign direct investment.”

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said: "Banana Port will be a modern, world-class port and undoubtedly a game-changer for the DRC."

"Once complete, it will attract more direct calls from larger vessels traveling from Asia and Europe, greatly enhancing the country’s access to international markets and global supply chains.”

DP World will develop an initial 600-meter quay with an 18m draft, capable of handling the largest vessels in operation. It will have a container handling capacity of about 450 000 TEUs (20-foot equivalent units) per year, and a 30-hectare yard to store containers.

The port is being developed at Banana, along the country’s 37km coastline on the Atlantic Ocean in Kongo Central province and following its completion, will provide significant cost and time savings that will boost the country’s trade.



Gold Steady as Investors Assess China's Stimulus Plans

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT

Gold Steady as Investors Assess China's Stimulus Plans

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices held steady on Monday as investors assessed China's weekend stimulus announcement, while also focusing on US Federal Reserve officials' comments for further rate cut cues.
Spot gold was little changed at $2,657.93 per ounce by 0548 GMT. Bullion rose nearly 1% in the previous session, Reuters said.
US gold futures were flat at $2,675.00.
The potential commitment to fiscal stimulus from China suggests a healthier economy, which bodes well for gold demand but the market needs to see more concrete measures, said Tim Waterer, chief market analyst at KCM Trade.
China on Saturday said it would "significantly increase" debt to revive its sputtering economy, but left investors guessing on the overall size of the stimulus package.
Investors will watch out for comments from Fed officials this week for more hints on the upcoming rate cuts, along with US retail sales data.
"If the Fed speakers this week create some further doubt over how many rate cuts could occur between now and year-end, any resulting upside in the dollar could see gold support levels around $2,600 again being tested," Waterer said.
Data on Friday showed unchanged US producer prices last month, cementing the case for quarter-point US interest-rate cuts at upcoming Fed policy meetings.
Traders see a roughly 89% chance of the Fed cutting rates by 25 basis points at its November meeting, and an 11% chance of it leaving rates unchanged.
The zero-yielding bullion is preferred in a low-interest rate environment.
The dollar index rose 0.1%, putting pressure on greenback priced-metals. A stronger dollar makes them less attractive to other currency holders.
Spot silver fell 0.4% to $31.39 per ounce and platinum shed 1% to $974.88. Both were set to snap a two-session winning streak.
Palladium extended its decline, falling 0.9% to $1,058.98.