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In order to take full advantage of recovering global markets and growing optimism about future prospects, DP World last year invested over US$ 1 billion in capital projects, a company statement has revealed. The global terminal operating group also announced that cargo volumes through its facilities worldwide were up by around 10% compared with 2016.
DP World group chairman and chief executive, 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. We look forward to continued growth in 2018.”
Key projects during 2017 included an expansion of the container terminal at Prince Rupert in Canada, which opened for business last year; a new cruise terminal in Limassol, Cyprus; the start of work on a new logistics centre in Kigali, Rwanda; and a new container terminal project in Posorja, Ecuador. A further 1.5 million teu of capacity was also added at its flagship Jebel Ali port, through the expansion of CT3.
The company has over the past months entered into a series of joint ventures, and made business acquisitions in several overseas markets, including Brazil, South Korea and Somaliland, as well as closer to home with the acquisition of Dubai Maritime City and Drydocks World. DP World is furthermore supporting the development of Hyperloop technologies that could revolutionise the movement of goods across continents.
