DP World not concerned about Trump protectionist policies – chairman

DP World's chairman Sultan bin Sulayem described the protectionist policies as "a phase"
DP Worlds chairman Sultan bin Sulayem described the protectionist policies as "a phase"
By Reuters
Mon 13 Feb 2017 09:58 AM

Dubai ports operator DP World is not concerned about US President Donald Trump's protectionist policies, DP World's chairman Sultan bin Sulayem told reporters on Sunday.

"Not at all. I think this is a phase. I think the sentiment that you see in America is ... in many parts of the world but this is something is going to pass," bin Sulayem said on the sidelines at a conference in Dubai.

Bin Sulayem previously backed Trump’s view on free trade, saying it had been “utterly misunderstood”.

His comments came after Trump signed an executive order withdrawing the US from the Trans-Pacific Partnership, a trade deal that the Obama administration has worked on for several years. The partnership was primarily aimed at bolstering trade ties between the 12 Pacific Rim countries that account for 40 percent of global gross domestic product, worth $27.4 trillion.

“There’s utter misunderstanding of Mr Donald’s statements around free trade. As a businessman he definitely knows the significance of trade and its role in developing the world economy,” Bin Sulayem said.

“Trump talked about fair trade which necessitates the opening of all markets without expectations under fair terms. This perspective should be adopted and accepted by everyone,” he added.

The chairman revealed company’s revenue has grown “against all odds”, crossing over $600 million (AED2.2 billion) in the first six months of 2016. The total revenues for last year will be announced in March.

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