The coming year will be “challenging” because of geopolitical events like Brexit and economic tensions between the United States and China, according to DP World chairman Sultan Ahmed Bin Sulayem.
Speaking at a press conference in Dubai on Sunday, Bin Sulayem said that “the United States and China are two giant economies, and both need each other.”
“They’re negotiating. In my opinion, all these threats are part of the negotiations and they will come to an agreement,” he said. “Until they come to an agreement, they have created uncertainty in the market….I don’t take [this] as negative. I think it’s something to take notice of, to watch, and be aware of.”
Regarding Brexit, the DP World chairman said that the “indecisiveness” of the British government “confuses” investors.
“We don’t know if [Brexit] is going to happen with an agreement, without an agreement, or if they’re going to renegotiate or if the party will be supportive or not,” he said. “That’s what hurts the market the most.”
On Sunday, DP World announced that the Jebel Ali Port and Free Zone (JAFZA) accounted for 33.4 percent of Dubai’s GDP, totalling AED 137 billion ($37.29 billion).
JAFZA also accounted for 10.7 percent of the wider UAE’s GDP, as well as 70 percent of value and 97 percent of all trade volume generated by Dubai’s free zones.
The company added that the 450,000 people who work in the port and free zone represent about 16.2 percent of the emirate’s total employees, as well as 7.5 percent of the UAE’s total.
“Trade has always been an engine for Dubai’s growth and we have played a central role in supporting it,” said DP World Chairman and CEO Sultan Ahmed Bin Sulayem.
“The activities of Jebel Ali Free Zone are closely connected with companies located there to take advantage of free zone facilities alongside to connect to global markets.”
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