4Q16: Volume grew 1% in 4Q16 on a consolidated basis to 7.3mn TEU (+0.5% LFL), in line with our estimate, on growth in the Middle East and Europe region (post four quarters of softening). The UAE volume inched down c1% Y-o-Y to 3.71mn TEU (from a low base in 4Q15, +1% Q-o-Q). Asia Pacific & Indian Subcontinent region softened 1% Y-o-Y (+2.5% Q-o-Q) despite higher capacity in India, while Americas & Australia region showed flat volume. On a gross basis, volume grew 6% Y-o-Y to 16.1mn TEU (+5.8% LFL).   FY16: consolidated volume reached 29.2mn TEU in FY16, flat Y-o-Y ( -1.6% LFL). Gross volume of 63.7mn TEU was 3% higher (+2% LFL), which compares favourably to the industry estimated growth of 1.3% for 2016. The UAE handled 14.7mn TEU, down 5% Y-o-Y.   Management comments: Despite the challenging market conditions, particularly at Jebel Ali Port, the portfolio continues to deliver ahead-of-market growth, which once again demonstrates the benefits of operating a globally diversified portfolio. Volumes are stabilising in the UAE and as management looks ahead into 2017, expecting new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) to drive growth in our portfolio. It will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability. Given the resilient volume performance of the portfolio, management believes the company is well placed to meet full year 2016 market expectations. (Company, Wafaa Baddour)   DP World (DU): USD18.90 as of 6 Feb. 2017, Rating: Buy, TP: USD22.00/share, MCap: USD15,687mn, DPW DU/DPW.DI