DP World CEO and chairman hails growth despite 'challenging global economic uncertainties'
Dubai-based DP World invested $3 billion in diversifying its global business portfolio during 2018, it announced on Monday.
The port operator said headline projects included the launch of DP World Cargospeed with Virgin Hyperloop One, the launch of a $3 billion investment platform in India, the acquisition of complementary businesses in Europe, India and Peru, and container port development projects in Africa.
DP World also successfully closed the 100 percent acquisition of Drydocks World.
DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem, said: “2018 was a successful year and a period of strategic growth for DP World in diverse fields. We made major strides in our evolution into company with a focus on smarter trade to make lives better through data driven logistics.
"Innovation with an eye on future trade solutions and acquisitions designed to expand our global business footprint were twin themes."
Sulayem said: “Despite the challenging global economic uncertainties, we have experienced continued revenue growth by focusing on high value cargo, operational efficiencies and consistently delivering value to our customers through smart solutions. We are committed to continue to build on the gains of the past year as we enter 2019.”
He added: “Our partnerships and acquisitions too gathered pace in a wide range of locations and sectors. The $3 billion investment platform in India with the government’s National Infrastructure Investment Fund (NIIF) saw us acquire Continental Warehousing Corporation. Complementary businesses were also added to our global portfolio in Peru and in Europe with the Unifeeder Group."
He also hailed DP World's activity in Africa after signing a deal to implement the first phase of an integrated industrial and residential zone in Sokhna, Egypt.
DP World will also soon build and operate a logistics hub outside of Bamako in the Republic of Mali while in the Democratic Republic of Congo, it announced a new concession for the management and development of a greenfield multi-purpose port at Banana, the first deep-sea port in the country.For all the latest transport 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.