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08/01/2018 - 19:00hs

DP World invested USD 1 billion in 2017

The Dubai-based port operator made acquisitions and diversified its business last year, including a buyout of Odebrecht’s stake in Brazilian port Embraport.

Dubai – DP World, the port operator out of Dubai, the United Arab Emirates said on Sunday (7) that it invested more than USD 1 billion in 2017, Emirates News Agency (WAM) reported. The cash went mostly into acquisitions, diversification and technological innovation.

Zacharias Abubeker/AFP - 05/12/2015

DP World operates the Berbera Port in Somalia under a 30-year concession

Early December saw DP World complete its buyout of Odebrecht’s stake in Empresa Brasileira de Terminais Portuários (Embraport), a terminal in the Port of Santos, São Paulo. Through its purchase of a 66.67% stake from Brazil’s Odebrecht, the Dubai-based company is now the sole shareholder of the terminal, which it renamed as DP World Santos.

Apart from the terminal, DP World said it expanded its operations in Canada’s Prince Rupert Port, opened a new cruise terminal in Limassol, Cyprus, started works for a new logistics center in Kigali, Rwanda, and at a new project in Posorja, Ecuador.

It also said it consolidated its operations in Pusan, South Korea, as well as operations at a port in Berbera, Somalia under a 30-year concession.

“The recovery of global trade in 2017 has been stronger than expected,” WAM quoted DP World chairman and CEO Sultan Ahmed Bin Sulayem as saying. He also said the company outperformed average market growth last year, and that gross volumes handled last year were up roughly 10% from the year before. “We look forward to continued growth in 2018,” he added.

*Translated by Gabriel Pomerancblum

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