DP World to Invest $1bn in Expansion
By Aiswarya Lakshmi
Monday, January 8, 2018
DP World is planning to annually inject up to $1 billion in global investments until 2020, local media quoted company chairman and CEO Sultan Ahmed Bin Sulayem as saying.
The expansion at Prince Rupert in Canada opened for business. DP World Limassol in Cyprus opened a new cruise terminal. 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 global port operator has begun work on a new logistics centre in Kigali (Rwanda) and at a new terminal project in Posorja (Ecuador).
DP world said in a press release that growing global trade opportunities, diversifying its business across the supply chain and exploring smart innovation technologies were key elements of its activities during the year.
“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% growth in gross volumes for 2017, and look forward to continued growth in 2018,” said Sultan Ahmed Bin Sulayem.
The chairman stressed that DP World’s large budget has enabled the company to make further investment and acquisitions, noting that the company was about to acquire Dubai Maritime City and Drydocks World in consideration of $180 million and $225 million, respectively.