The port operator invested more than $1 billion in capital expenditures in 2017 through acquisitions, operational expansion and facility development.
Port operator DP World invested over $1 billion in capital expenditures in 2017 through acquisitions, operational expansion and facility development.
Furthermore, DP World is “on course to deliver approximately 10 percent growth in gross volumes for 2017,” thanks to a strong global trade market recovery, DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said.
DP World noted a few key milestones in 2017, including the commencement of the completed expansion efforts in Prince Rupert, Canada; the start of operations at DP World Berbera port in Somaliland under a 30-year concession; the opening of a new cruise terminal at DP World Limassol in Cyprus; development of a new logistics center in Kigali, Rwanda; and work on a new terminal project in Posorja, Ecuador. Additionally, DP World took 100 percent ownership of Embraport in Brazil and furthered consolidation efforts in Busan, South Korea.
“Notable landmarks included strengthening our 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,” Bin Sulayem said. “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 our service offering to customers. We have also stepped up container handling productivity at our 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,” he added. “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 revolutionize 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,” he concluded.
DP World invests over $1b in capital expenditures in 2017
