The past two years have shown the world what happens when global trade and mobility are disrupted and as such making core supply chains more resilient is key to future-proof economies, Mohammed Al Muallem, executive vice president of Dubai-based DP World.
Giving the keynote address at the opening of Hypermotion Dubai, Al Muallem said digital transformation is the way forward to making logistics and supply chains more resilient.
“Digital networks have allowed for the transformation of the traditional way we do business. We as DP World can help others to build the transformations needed and make global trade much cheaper, more efficient and more sustainable,” said Al Muallem.
“However, to help the global economy recover from the pandemic, and ensure that the economic gains made since are not lost, we need to make core supply chains more resilient,” he added.
One of the digital innovations Al Muallem gave, from DP World’s experience, is that of a system that helps cargo-owners find best shipping rates, track their cargo and record documentations, all on one platform.
“Thanks to digital technology, we can make global chains more predictable than yesterday. We don’t wait for accidents to happen any more, we can predict and find alternatives so the economy can go on with end-to-end tracking driving resilience,” he said.
“With digital technologies we can jump to real-time decision making which is critical if you want to meet the expectations of your company, clients and be resilient at all times,” added Al Muallem.
It's an honor and a pleasure to be having the keynote of our opening event by Mohammed Al Muallem, Executive Vice President, @DP_World . We’re kickstarting our Hypermotion Lab conferences, Join us now! #HypermotionDXB pic.twitter.com/N7rtwyoExL
— Hypermotion Dubai (@HypermotionDxb) November 2, 2021
DP World is already working on next technology solutions using blockchains to make documentation, tracing and tracking safe, secure and effortless, said Al Muallem.
Aside from resiliency, digital innovations can also make trade more accessible, said Al Muallem giving the example of DP’s world fintech platform CARGOES Finance.
“Digital innovations can democratise the power of trade. It is no longer a mystery: as we go more into the digital, we will be knowing each other further and becoming more transparent,” said Al Muallem.
“The more we develop and the more we introduce technologies to our logistics the more opportunities this will bring to importers and exporters who, today, are not able to export in those areas that lack proper mobility,” he continued.
Here he mentioned the platform’s benefits to small and medium businesses in emerging economies such as in Africa.
led by industry experts, countless networking & business opportunities, a spectacular showcase of the latest innovations in mobility & logistics, exclusive new features, and much more. pic.twitter.com/Q9ZNtDkLAh
— Hypermotion Dubai (@HypermotionDxb) November 2, 2021
CARGOES Finance is a subsidiary of DP World and was launched in August with the goal of facilitating access to trade finance for smaller companies as part of its parent company’s strategy to become a global trade enabler.
DP World Financial Services Limited has been granted a licence from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in Dubai International Financial Centre (DIFC).
The newly licensed firm will connect companies needing trade finance solutions with financial institutions on DP World’s CARGOES Finance platform.
In April, DP World had launched DUBUY.com, a global wholesale e-commerce platform, available first in Rwanda with plans to expand across Africa and around the world.
The platform added digital trading corridors to the physical corridors DP World has built across the African continent with its investment in ports, terminals and logistics operations.
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