Dubai-based port operator says it spent $1bn in capital expenditure last year
DP World is on course to deliver 10 percent growth in gross volumes for 2017 and is looking forward to a continuation of similar numbers in the year ahead.
The port operator, whose assets include the largest marine terminal in the Middle East and over 78 marine terminals across the world, attributed the strong performance to growing global trade opportunities, diversifying its business across the supply chain and exploring smart innovation technologies.
A series of acquisitions and technology tie-ups saw the global trade enabler expand its business horizons across the world.
This included over $1bn in capital expenditure during 2017.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said: “The recovery of global trade in 2017 has been stronger than expected and we are pleased to have outperformed market growth once again.”
He went on to note the strengthening of partnerships around the world, infrastructure investments to enable global trade and connect countries to international markets, and a series of acquisitions including Dubai Maritime City and Drydocks World.
The company also increased its container handling productivity at the flagship Jebel Ali Port.
Bin Sulayem added: “All of this happened to a backdrop of continued revenue growth, proof that we have a robust portfolio of businesses and a successful strategy to ensure the sustainable growth of our company.”
These numbers come amid signs of recovery in the global economy, The IMF forecasts 3.7 percent growth in 2018, up from 3.6 percent in 2017. Global trade growth is projected to increase to four percent in 2018 as a result.