DP World, one of the world's largest port operators, has invested more than $10 billion in the global logistics sector since 2012, making it one of the top five overseas investors during the period, the Dubai Media Office said on Sunday, quoting industry data.
DP world ranked fifth in the world in 2022 by total value of direct investments allocated to the overseas logistics services sector, according to data from fDi Intelligence.
Other companies among the top-five included Amazon, the world's biggest e-commerce marketplace, and Denmark's AP Moller Maersk.
Although the global economy slowed down and demand for logistics services stalled, DP World invested $320 million last year, the DMO said.
The logistics industry is expected to record single-digit growth in 2023.
“The data shared by fDi Intelligence demonstrates where we stand globally within the logistics sector, not only in the last year but consistently over the last 10 years,” said Sultan bin Sulayem, group chairman and chief executive of DP World.
“Investing in developing economies helps trade go further, facilitates economic growth, attracts foreign investment and generates thousands of jobs — raising the quality of life for everyone.”
DP World’s annual profit rose 37 per cent in 2022, on higher revenue growth driven by the solid performance of ports and terminals, and marine services.
The company expects about $1.7 billion in capital expenditure this year to be invested in the UAE, Jeddah, London Gateway, Dakar, the Democratic Republic of the Congo's Banana port, Peru's Callao and DPW Logistics in South Africa.
This month, DP World and the Somaliland government opened the new Berbera Economic Zone which, along with Berbera Port, is expected to develop the area into a major trade hub serving the Horn of Africa.
Growth in global trade is expected to remain “subdued” this year, following a significant slowdown in the fourth quarter of last year amid geopolitical tensions and macroeconomic headwinds, according to the UN Conference on Trade and Development.
Trade is set to stagnate in the first quarter of 2023, but the outlook is more positive for the second half of the year, the UN body said last week in its latest update on global trade.
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