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Drydocks World has secured a groundbreaking agreement with China’s Shanghai Zhenhua Heavy Industries Co. Ltd. (ZPMC) to acquire a state-of-the-art 5,000-ton floating sheerleg crane. The acquisition is set to significantly enhance the company’s capabilities in handling large-scale offshore projects, marking a pivotal milestone for the maritime and offshore energy sectors in the Middle East.

The contract was signed at a ceremony in Dubai, attended by prominent figures from the industry, including Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, the parent company of Drydocks World. The new crane is expected to play a vital role in projects that require heavy-lifting capabilities, particularly in the growing market for offshore platforms and vessels.

The sheerleg crane, with a lifting capacity of 5,000 tons and a maximum lifting height of 120 meters, represents a new generation of heavy-lift technology. With its 160-meter-long A-frame and a 600-ton fly jib capable of extending the reach to 180 meters, the crane will enable Drydocks World to handle increasingly complex offshore projects. The versatility of this crane is anticipated to benefit both nearshore and offshore operations, with a particular focus on the construction and installation of offshore platforms, bridges, and marine developments.

This acquisition underlines Drydocks World’s strategic investment in cutting-edge infrastructure, reinforcing its commitment to remain a leader in the global maritime industry. According to Captain Rado Antolovic, CEO of Drydocks World, the crane will not only support the company’s current projects but will also pave the way for more extensive and intricate ventures. Antolovic emphasized that the crane’s ability to handle heavier modules and expedite project timelines would further solidify Drydocks World’s standing as a leading player in the maritime and offshore energy sectors.

ZPMC’s Chairman, You Ruikai, also hailed the partnership, citing the strong ties between ZPMC and DP World as a foundation for future collaborations. Ruikai noted that the sheerleg crane’s advanced safety features and high-capacity ballast systems make it one of the most efficient and environmentally sustainable cranes in the industry. The crane’s integrated control system and automatic ballasting capabilities highlight the emphasis on safety and operational efficiency.

Construction of the crane is expected to take approximately 24 months, with completion scheduled for the second quarter of 2026. Once operational, the crane will serve as a critical asset in Drydocks World’s efforts to meet the increasing demand for offshore infrastructure, such as high-voltage offshore converter platforms and Floating Production Storage and Offloading (FPSO) vessel topsides.

As the offshore industry continues to evolve, the need for advanced lifting solutions has become paramount. Drydocks World has already demonstrated its expertise in executing major offshore projects, including the conversion of vessels such as the Tango FLNG and Excalibur FSU, and the refurbishment of the Firenze FPSO. This latest acquisition will further enhance the company’s portfolio and its ability to undertake large-scale offshore projects.

Sultan Ahmed bin Sulayem commented that this investment is a testament to Drydocks World’s commitment to maintaining its leadership position in the maritime industry. He highlighted that the new crane would boost the company’s operational capacity, allowing it to support projects that contribute to regional economic growth. The crane is also expected to reduce the need for additional support vessels, as it can accommodate up to 50 personnel offshore, thus enhancing efficiency.

With global demand for offshore wind platforms, FPSO vessels, and similar projects on the rise, Drydocks World’s investment in this high-capacity crane positions the company to meet future challenges and opportunities. The acquisition not only strengthens its foothold in the Middle East but also bolsters its standing on the international stage, where the competition for offshore energy projects is intensifying.

New menu concept highlighting iconic dishes of Chef Ducasse MACAU SAR – Media OutReach Newswire – 10 September 2024 – The acclaimed Melco Style Presents: The Black Pearl Diamond Restaurants Gastronomic Series, which was launched in June 2023, will be rolling out its last chapter of themed banquets which will bring to Macau the 10th cross-regional four-hands collaboration and feature City of Dreams’ Black Pearl one diamond […]

SHANGHAI, CHINA – Media OutReach Newswire – 10 September 2024 – Langham Hotels Group, with a history of over 150 years, and Asia’s leading MICE technology platform, HXE, announced in Shanghai, China that they will collaborate to develop new generation of global MICE venue online booking services. This is also the first global MICE venue booking cooperation between HXE and hotel industry. HXE collaborates with Langham to […]

BEIJING, CHINA – Media OutReach Newswire – 10 September 2024 – The curtains have risen once more on the China-Africa Cooperation Forum Summit, held in Beijing from the 4th to the 6th of September, 2024, is a catalyst for Africa’s economic transformation. With “Deepening Cooperation, Building the Future Together” as its theme, the summit aims to enhance exchanges and cooperation between China and Africa in various domains. […]

Rumble, a video-sharing platform known for its lenient stance on content moderation, has been barred from operating in Brazil. The ban marks a significant escalation in global regulatory actions against the platform, which is also restricted in France, Russia, and China. The decision by Brazilian authorities follows a wave of legal and political challenges faced by Rumble across various jurisdictions. In Brazil, the ban was announced after […]

Arabian Post Staff -Dubai Oil prices are expected to hover between $60 and $70 per barrel as major global commodity traders Gunvor and Trafigura project a continued pressure on the market. This forecast, announced during a conference, reflects persistent concerns over sluggish demand from China and an ongoing global oversupply. Despite previous expectations that summer would bolster oil prices, the market has faced significant challenges. Oil prices […]

China is poised to extend its national carbon market by compelling major polluting sectors such as steel, aluminum, and cement to participate in emissions trading by 2025. The move is part of Beijing’s broader efforts to meet its ambitious climate goals, including peaking carbon emissions by 2030 and achieving carbon neutrality by 2060. The carbon market, initially launched in 2021 with a focus on the power sector, […]

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HONG KONG SAR – Media OutReach Newswire – 10 September 2024 – YUP, the credit payment platform established by Singaporean startup Finture, has successfully raised US$30 million in its Series B funding round. The round was led by Hong Kong-based venture capital firm MindWorks Capital, with participation from XVC, SWC Global, Richen Pioneer, and Antao Capital. The funds will support market expansion in Southeast Asia and preparation […]

Exploring how AI technologies and customer-centric solutions can elevate engagement, accelerate growth, and drive tangible ROE in banking. HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 9 September 2024 – Backbase, the global leader in Engagement Banking, will be bringing ENGAGE Asia to Ho Chi Minh City this year. On September 11 and 12, this bustling city will transform into the epicenter of digital banking […]

HONG KONG SAR – Media OutReach Newswire – 9 September 2024 – The Hong Kong Jockey Club Charities Trust convened its fourth Philanthropy for Better Cities (PBC) Forum 2024 at West Kowloon Cultural District today (9 September). It ushered in Hong Kong Philanthropy Week, in keeping with the HKSAR Government’s mission to promote the city as an international philanthropy hub. HKSAR Government Chief Secretary for Administration Chan […]

Group Positions ‘Shama Serviced Apartments’ as Flagship to Address Long-Term Accommodation Market Demand BANGKOK, THAILAND – Media OutReach Newswire – 9 September 2024 – ONYX Hospitality Group, a leading management company renowned for its portfolio of luxury hotels, resorts, serviced apartments, and residences across Southeast Asia, has proudly announced its success in solidifying its position as the regional market leader. Shama Hub Qiantang Hangzhou Entrance Day In […]

The Dutch government has unveiled plans to enhance export controls on ASML’s advanced lithography equipment, a move China attributes to US coercion. The new regulations will impose stricter licensing requirements for two critical ASML machines essential for semiconductor manufacturing, impacting global technology supply chains. This decision comes amid escalating tensions between Beijing and Washington over technological and trade policies. The Dutch government has stated that the new […]

President Xi Jinping has reaffirmed China’s commitment to Africa through a newly unveiled 10-point partnership action plan, aimed at advancing modernization across the continent. The pledge was made during Xi’s keynote speech at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing. Xi’s speech emphasized China’s dedication to being a reliable development partner, focusing on addressing Africa’s pressing challenges such as poverty, food insecurity, […]

China will permit foreign investors to establish wholly-owned hospitals in major cities and regions, including Beijing, Shanghai, and several others, according to a recent announcement by the Ministry of Commerce. This move marks a significant shift in China’s healthcare investment landscape and aligns with the country’s broader strategy to enhance its healthcare sector by integrating international expertise. Under the new policy, foreign entities can set up entirely […]

By Nitya Chakraborty Bangladesh Interim Head Dr. Muhammad Yunus has invited Indian Prime Minister Narendra Modi for talks in New York in the last week of September when both of them will be attending the session of United Nations general assembly .So far, there has been no response from the Indian Government sources. In fact, […]

Virgin Galactic is expanding its reach to Asia, inviting potential customers to express interest in its upcoming space tourism flights. The company, known for its ambitious plans to make space travel accessible to private citizens, is offering a ticket price of $600,000 for a seat on its suborbital flights. The company’s strategy aims to tap into the burgeoning market of high-net-worth individuals in Asia who are eager […]

Beijing’s Future Science City is hosting the 2024 Global Energy Transition Conference, which began on September 7 in the Changping District. This annual event, now in its sixth year, serves as a pivotal platform for global discourse on energy transformation and sustainability. The conference is attracting attention from leading figures in the energy sector, including policymakers, industry executives, and academic researchers. This year’s agenda emphasizes the accelerating […]

China is introducing a significant regulatory measure that will impose a ban of up to ten years on former regulators from participating in new stock offerings. This initiative, which aims to tackle corruption and restore confidence in the country’s $8 trillion stock market, marks a substantial shift in the enforcement of financial regulations. The new rule, announced by the China Securities Regulatory Commission (CSRC), is a response […]

HONG KONG SAR/SHANGHAI, CHINA – Media OutReach Newswire – 9 September 2024 – Hang Lung Properties (SEHK stock code: 00101) (“the “Company” or “Hang Lung”) held its annual Nationwide Volunteer Day in Hong Kong and nine Mainland cities on September 7 to celebrate the anniversary of the founding of Hang Lung Group. Now in its fifth consecutive year, the annual event this year focused on empowering young […]

China’s self-driving car industry, a rapidly advancing sector fueled by technological prowess and substantial investments, is now testing its limits on the global stage. As autonomous vehicle manufacturers from China seek to establish a foothold in international markets, they encounter significant challenges, primarily related to data privacy and regulatory compliance. Guangzhou-based WeRide is at the forefront of this expansion. The company’s autonomous vehicles have recently showcased their […]

A new study shows that Saudi Arabia and the wider Gulf Cooperation Council (GCC) are outpacing global counterparts in the adoption and usage of artificial intelligence (AI), both at the government and workforce levels. This trend is part of the broader vision of the GCC, particularly Saudi Arabia, to establish itself as a global leader in AI. Saudi workers, compared to their international peers, are utilizing AI […]

Australia’s Treasurer, Jim Chalmers, is scheduled to visit China later this month, marking the first such trip by an Australian treasurer since 2017. This significant diplomatic gesture comes amid ongoing geopolitical tensions and a challenging global economic landscape. The upcoming visit is expected to be a crucial opportunity for both nations to address a range of bilateral issues, including trade relations, economic cooperation, and regional security. The […]

Donald Trump has unveiled a bold new strategy to safeguard the dominance of the US dollar on the global stage. During a recent rally, Trump announced his plan to impose a staggering 100% tariff on goods from countries that choose to abandon the dollar in their international transactions. This move, part of his broader economic policy platform, aims to reinforce the dollar’s status as the world’s primary reserve currency.

Trump’s declaration represents a significant escalation in his approach to trade policy. The former president’s proposal is grounded in the belief that the dollar’s supremacy is vital to US economic security and geopolitical influence. By threatening such severe tariffs, Trump intends to deter nations from adopting alternative currencies in their trade dealings.

The implications of Trump’s threat are multifaceted. On one hand, it underscores the importance of the US dollar in global finance, as it currently accounts for the majority of international trade and investment. The US dollar’s dominance is supported by its widespread use in global reserves, trade transactions, and as the primary currency for commodities such as oil and gold.

However, Trump’s tariff proposal also highlights growing concerns among some countries about over-reliance on the dollar. Nations such as China and Russia have been actively pursuing strategies to reduce their dependence on the US currency, promoting alternatives like the Chinese yuan or regional currencies in trade agreements. The aim is to mitigate the risks associated with the volatility and political influence of the dollar.

China, in particular, has been making strides in internationalizing the yuan. The country has increased its efforts to encourage the use of the yuan in trade with its partners and has set up swap lines with various central banks. Additionally, the Shanghai International Energy Exchange has launched oil futures contracts priced in yuan, a move that represents a challenge to the dollar’s dominance in the global oil market.

Russia, under Western sanctions, has also sought to reduce its dependency on the dollar. The Russian central bank has diversified its reserves away from dollar assets and has encouraged the use of the ruble in trade with countries in its sphere of influence. Russia’s efforts are part of a broader strategy to counterbalance Western economic pressures and assert greater economic sovereignty.

The threat of a 100% tariff could have far-reaching consequences for international trade. Countries considering alternatives to the dollar may view Trump’s proposal as a coercive tactic that could disrupt their economic planning. Such an extreme measure could also strain diplomatic relations, as countries may perceive it as an aggressive attempt to maintain US economic hegemony.

Economists and trade analysts are debating the potential effects of Trump’s tariff plan. Some argue that the threat could backfire, accelerating efforts by other countries to reduce their dollar exposure. The imposition of a 100% tariff might not only prompt countries to seek alternatives but could also lead to retaliatory measures that could impact US exports and global trade dynamics.

The proposal also raises questions about the effectiveness of such a policy. While tariffs can influence trade patterns, their impact on currency preferences and reserve holdings is less direct. The global financial system is complex, and countries may continue to seek diversification of their currency reserves despite the threat of high tariffs.

Trump’s proposal is part of a broader trend of using economic policy tools to achieve strategic objectives. The current geopolitical landscape is marked by increasing competition among major economies, with countries leveraging economic measures to assert their influence and secure their interests.

The announcement has elicited mixed reactions from policymakers and business leaders. Some view it as a necessary measure to protect the dollar’s role in global finance, while others criticize it as an overly aggressive strategy that could undermine US economic interests in the long run.

The combined market capitalisation of the UAE’s 20 largest companies has soared to AED 2.8 trillion ($762 billion), marking a significant milestone for the country’s local stock exchanges. These companies, listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), now represent 77.6% of the total market capitalisation across UAE markets, which stands at AED 3.59 trillion. This achievement comes as the UAE continues to pursue an ambitious strategy to double its overall market value to AED 6 trillion in the coming years.

The top performer, International Holding Company (IHC), dominates the UAE market with a staggering market capitalisation of over AED 912.3 billion, accounting for 25.4% of the local stock markets. Following IHC is Abu Dhabi National Energy Company (Taqa), which holds a market value of AED 296.8 billion. These two firms exemplify the UAE’s growing prowess in sectors such as energy, infrastructure, and diversified investments.

Several other major players have also solidified their positions in the financial landscape. Adnoc Gas has secured a market value of AED 240.2 billion, while Etisalat by e& and First Abu Dhabi Bank (FAB) follow closely with market capitalisations of AED 161.5 billion and AED 147.6 billion, respectively. Companies like Emirates NBD and Dubai Electricity and Water Authority (DEWA) are also notable contributors to the UAE’s market strength, alongside real estate giants such as Emaar Properties and Aldar Properties.

Industry experts point to the UAE’s pro-business environment and its strategic initiatives to attract foreign investment as key factors driving the exponential growth of the stock market. The UAE government has committed to fostering economic diversification, furthering innovation, and implementing financial reforms that facilitate this expansion.

VISHNU RAJA
RYO YAMADA
HITORI GOTOH
IKUYO KITA
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