DP World invests over $1 billion in global trade in 2017
Growing global trade opportunities, diversifying its business across the supply chain and exploring smart innovation technologies were key strands of DP World’s operations in 2017 which included over $1 billion in capital expenditure year to date.
A series of acquisitions, technology tie-ups and sustainable business achievements all formed part of the activities that saw the global trade enabler expand its business horizons across the world.
The expansion at Prince Rupert in Canada opened for business, DP World Limassol in Cyprus opened a new cruise terminal, work began on a new logistics centre in Kigali (Rwanda) and at a new terminal project in Posorja (Ecuador). Also in the Americas DP World took 100 per cent ownership of Embraport in Brazil. In Asia Pacific the consolidation of Pusan (South Korea) was seen, while in Africa operating DP World Berbera port (Somaliland) under a 30-year concession was officially started.
“The recovery of global trade in 2017 has been stronger than expected and we are pleased to have outperformed market growth once again. We are on course to deliver approximately 10.0 per cent growth in gross volumes for 2017, and look forward to continued growth in 2018,” said DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem.
He added that notable landmarks included strengthening partnerships in Brazil, Ecuador, Kazakhstan, Cyprus, Somaliland, India, Egypt and Mali with a range of infrastructure investments to enable global trade and connect countries to international markets. This was coupled with a series of acquisitions such as the inclusion of Dubai Maritime City and Drydocks World to the Group’s operations, expanding DP World’s service offering to customers. The company has also stepped up container handling productivity at its flagship Jebel Ali Port, by adding 1.5 million TEU to Container Terminal 3 (T3).
“Our activities aimed at providing added value to our customers at further points in the global supply chain by growing our logistics, industrial parks and freezone operations and smart digital trade solutions. We have also ensured our sustainable business practices have progressed, joining the United Nations Logistics Emergency Teams (LET) partnership to support humanitarian disaster relief; supporting the development of Hyperloop technologies that could revolutionise the movement of goods across continents and winning the coveted Dubai Quality Award, evidence of our ongoing commitment to excellence in everything we do. All of this happened to a backdrop of continued revenue growth, proof that we have a robust portfolio of businesses and a successful strategy to ensure the sustainable growth of our company,” Bin Sulayem added.