Capital goes into acquisitions, diversifying business, exploring smart technologies
DP World, said it spent $1 billion in capital expenditure in 2017. The capital went into a series of acquisitions, diversifying the business across the supply chain, and exploring smart technologies.
In a statement on Sunday, the Dubai-based ports operator said that technology tie-ups and sustainable business achievements also formed part of the company’s activities in 2017.
“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 per cent growth in gross volumes for 2017, and look forward to continued growth in 2018,” said Sultan Bin Sulayem, chairman and chief executive officer of DP World Group.
During 2017, the expansion at Prince Rupert in Canada opened for business, DP World Limassol in Cyprus opened a new cruise terminal, and work began on a new logistics centre in Rwanda and at a new project in Ecuador.
In the Americas, DP World took 100 per cent ownership of Embraport in Brazil. Meanwhile, in Africa, the company officially started operating DP World Berbera port in Somaliland under a 30-year concession.
“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 1.5 million TEUs (twenty-foot equivalent units) to Container Terminal 3,” Bin Sulayem said.