DP World, one of the world's biggest port operators, is looking for acquisition opportunities in Turkey and Eastern Europe to grow its business, according to a senior executive.
The Dubai company currently operates terminals and logistics centres in countries including Romania, Ukraine, Bulgaria, Moldova, North Macedonia, Albania, Montenegro, Serbia, Cyprus and Greece.
“We are exploring markets,” Kris Adams, DP World's executive vice president of East Europe, said in Istanbul.
“It’s a logical question of the right opportunity at the right time,” he said. The container market in Eastern Europe is “very fragmented, where some consolidation is required and we definitely want to be part of that”, he added.
DP World's total revenue from its Eastern Europe operations in the first four months of 2025 rose 28.1 per cent year-on-year, while container volumes rose 17.5 per cent on an annual basis, according to data from the company.
“Revenues been growing quite rapidly, despite the fact that the market has been impacted by a number of geopolitical circumstances,” Mr Adams said.
“You've got the conflict in Ukraine, which is affecting the Black Sea economies. You've got the Red Sea passage, which has been obviously obstructed, which means that the voyage to get cargo here is a lot longer.”
With port operations spanning from Canada to Australia, DP World has been focusing on growing its business with new investments and acquisitions.
In May, the company revealed plans to invest $2.5 billion this year to expand its logistics network to boost international trade. The strategy includes launching major infrastructure projects in India, Africa, South America and Europe, it said in a previous statement.
DP World is also investing $1 billion in the London Gateway logistics hub to build two shipping berths and a second rail terminal. Acquisitions this year included taking full ownership of the Swissterminal in Europe.
DP World aims to expand further in Turkey, Mr Adams said. It currently operates two port terminals in Istanbul in partnership with Evyap Group which have a combined capacity of two million twenty-foot equivalent units (TEUs).
“Turkey is the most significant market in this geography, purely in terms of logistics market. It's a $92 billion market, of which we are [a] small part, but where we do have the ambition to grow,” he said.
“We are a port operator, but we're also a contract logistics operator, which means warehousing, and also a freight forwarder. We have some really good relationships, with Turkish Airlines for instance, and we fly a lot of cargo. Turkey is producer of a lot of fruits, etc, which we're carrying now all over the place, including the Gulf.”
The company aims to operate more warehouses in the country, he said. “We will grow our freight forwarding network, integrate [it] with our global freight forwarding network, and we will move into new territories within Turkey as well.”
The signing of the Comprehensive Economic Partnership Agreement between the UAE and Turkey in 2023 has also accelerated trade and investment in both directions, he said.
The UAE's non-oil trade with Turkey grew by 11.5 per cent on an annual basis to Dh148.9 billion ($40.54 billion) last year, official data shows.
Overall, DP World has passed 100 million TEUs of container-handling capacity across its global operations, it said this year. Its global gross container handling capacity increased by 5 per cent in 2024.
The Dubai company holds a 9.2 per cent share of the global container market, supported by a 33 per cent growth in capacity since 2014, it said in January.
Its revenue for 2024 grew 9.7 per cent to $20 billion on improved ports and terminals performance as well as contributions from new acquisitions and concessions. However, profit for the year was down 2 per cent at $1.5 billion due to higher finance costs.
UAE currency: the story behind the money in your pockets
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
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Fuel consumption: 6.9L/100km
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Price: From Dh117,059
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
