Dubai has unveiled a ports operator specializing on medium-sized developments in rising markets.
According to PCFC chairman Sultan bin Sulayem, the Dubai Ports, Customs and Free Zone Corporation (PCFC) commenced P&O Ports, which has already signed initial contracts to begin talks with the officials in Madagascar, the Port of Berbera in Somaliland and Albania to boost their harbor infrastructure.
The new company, focused in increasing and operating marine and inland harbors in markets with a necessity for well-managed trade and logistics infrastructure, is designed to support sustainable development in emerging economies.
Chairman bin Sulayem also serves as the chairman of Dubai’s flagship port operator DP World, the world’s fourth-largest that has over 65 marine terminals across six continents.
The commencement of P&O Ports highlights Dubai’s global investments in the harbor industry and expands its ventures to contain maritime terminals of all sizes.
DP World reported an 11.7% upsurge in net profit to US$675 million for 2014 as container volumes amplified across its worldwide harbors network. It posted an 11% upsurge in profits to $3.4 billion last year.
The Middle East, Europe and Africa division, led by the business’s home dock at Jebel Ali – produced the lion’s share of revenue as the UAE achieved a record year of throughput.
DP World handled 60 million twenty-foot equivalent units (TEU) across its worldwide portfolio of container terminals in 2014, with gross container volumes rising by 8.9% on a stated basis.
Capacity at DP World is estimated to increase to over 80 million TEU this 2015 from 70 million last year through developments in Jebel Ali in Dubai, Turkey, Rotterdam and India. The company intends to boost capacity to 100 million units by 2020, depending on market demand.