DP World spends over US$1bn in capital expenditure in 2017

DP World spends over US$1bn in capital expenditure in 2017
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Published: 8 January 2018 - 4 a.m.
By: Namitha Madhu

DP World spend over $1bn in capital expenditure in 2017. This included growing global trade opportunities, diversifying business across the supply chain, and exploring smart innovation technologies.

The year 2017 saw a series of acquisitions, technology tie-ups and sustainable business achievements. Some of them are the opening of an expansion at Prince Rupert in Canada for business, the opening of a new cruise terminal at DP World Limassol in Cyprus, work on a new logistics centre in Kigali, Rwanda, and a new terminal project in Posorja, Ecuador; the taking of over of Embraport in Brazil by America’s DP World.

Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said, “The recovery of global trade in 2017 has been stronger than expected and we are pleased to have outperformed market growth once again. We are on course to deliver approximately 10% growth in gross volumes for 2017, and look forward to continued growth in 2018.”

“Notable landmarks included strengthening our partnerships in Brazil, Ecuador, Kazakhstan, Cyprus, Somaliland, India, Egypt and Mali with a range of infrastructure investments to enable global trade and connect countries to international markets. This was coupled with a series of acquisitions such as the inclusion of Dubai Maritime City and Drydocks World to the group’s operations, expanding our service offering to customers. We have also stepped up container handling productivity at our flagship Jebel Ali Port, by adding 1.5mn TEU to Container Terminal 3.

“Our activities are aimed at providing added value to our customers at further points in the global supply chain by growing our logistics, industrial parks and freezone operations and smart digital trade solutions. We have also ensured our sustainable business practices have progressed, joining the United Nations Logistics Emergency Teams (LET) partnership to support humanitarian disaster relief; supporting the development of Hyperloop technologies that could revolutionise the movement of goods across continents and winning the coveted Dubai Quality Award, evidence of our ongoing commitment to excellence in everything we do.”

“All of this happened with 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.”

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