DOHA: Al Meera Consumer Goods yesterday announced the memorandum of understanding (MoU) that it signed with both Regency Group Holding and Aramex International Courier Express-Qatar stands cancelled. The MoU was signed in December 2012 for the purposes of entering into a partnership or joint venture with the parties to build, operate, promote and partner in a logistics facility and services business in Qatar.
Consolidated volumes slip 3.8pc: DP World
DUBAI: Dubai’s DP World, the world’s third biggest port operator, said yesterday its consolidated container volumes slipped 3.8 percent in 2013 after the firm sold one of its Hong Kong assets, but rose 0.7 percent on a gross like-for-like basis.
DP World, one of the more profitable assets of Dubai World, said terminals controlled by the company handled 26 million TEU — or twenty-foot equivalent container units — during the year. This compares to 27.1 million TEU in the year-earlier period.
But gross volumes — which include more terminals — rose slightly in like-for-like terms, DP World said. The port operator has been selling assets globally, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing markets.
Lazard expands Middle East asset management
DUBAI: Lazard Asset Management (LAM) said it would expand its Middle East operations by hiring the former regional asset management team of ING Group NV, which resigned from the Dutch firm in Dubai earlier this week.
A subsidiary of US-based Lazard, LAM will focus on equities in the Middle East and North Africa and frontier markets with the Dubai-based team of six.
Farah Foustok will be managing director and senior executive officer at LAM’s Dubai office, while Fadi Al Said will be director and portfolio manager, Lazard said.
The team resigned en masse on Monday from ING Investments Middle East, and the Dutch company, still struggling to pay back the state after a 2008 bailout, then said it was shutting its regional asset management operations.
The Peninsula/Agencies
