The chairman of ports operator DP World believes 2019 will be "challenging but not unmanageable" amid growing international trade tensions.
Sultan Ahmed bin Sulayem told Reuters he believed financial institutions were becoming increasingly cautious and tightening lending in reaction to trade tensions the psychological impact of trade tensions.
He was quoted as saying tensions involving the United States and China were starting to translate into reality.
DP World cautioned in August about geopolitical risks and changes in trade policies as half year profit fell 2.1 percent.
Sulayem was also quoted as saying DP World is taking measures to reduce costs.
“We are finding ways to make sure that we do good in 2019,” he said.
“Historically, we have managed worse scenarios than this,” he added.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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