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Tue 7 Nov 2017 04:00 PM

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DP World chief sees 'enormous' potential in African markets

Sultan Ahmed Bin Sulayem holds meetings with heads of state in Uganda, Rwanda and Ghana

DP World chief sees 'enormous' potential in African markets

Dubai port operator DP World is looking to expand its business interests in Africa where potential is "enormous", according to its chairman and CEO.

Sultan Ahmed Bin Sulayem said infrastructure growth that leads to new commerce and employment will enhance supply chains, and tech innovation will be key to reducing the cost of development in Africa.

His comments came after meeting with three African heads of state in Dubai, including the President of Uganda, Yoweri Museveni, President of Rwanda, Paul Kagame, and Vice President of Ghana, Mahamudu Bawumia.

DP World has seen its presence grow from five to seven African countries in the last two years, including Algeria, Egypt, Djibouti, Senegal, Mozambique, Rwanda and Somaliland.

DP World has partnered with local governments in all seven countries and the company recently announced that it will build an integrated port, logistics and economic zone in Dakar, Senegal.

Bin Sulayem said: “Africa’s trade potential is enormous, evident in the 400 percent increase in trade between Africa and rest of the world in last two decades. Infrastructure development is more important than ever to maintain and increase this growth momentum.

“I’ve done several tours of Africa in recent years and always look forward to having meaningful discussions with leaders of governments eager to develop their trade potential."

He added: “There’s also great potential for trade between African countries, while the continent’s free trade area is also becoming the world’s largest single free trade area by number of countries. But one out of four African countries rely on one or two commodities for 75 percent of their export revenues  and so a focus on economic diversification will be beneficial to future growth.”

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