UAE's major port operator's reports showed a 10 per cent rise in dock business in 2011 with emerging markets performing well
Dubai is showing signs of gradually trading its way back to economic good health, after the emirate's flagship ports company announced that it handled record volumes of cargo last year.
DP World yesterday announced a 10 per cent increase in the number of containers it handled at its ports around the world in 2011.
The firm said it handled 54.7 million TEUs - the shipping industry term used to refer to twenty-foot equivalent container units. Growth was even stronger in its home market - the combined number of containers handled at its Jebel Ali Port and Port Rashid in Dubai and its facility in Fujairah rose by 12 per cent to 13 million in what the firm has described as "an exceptionally strong performance".
Growth in the UAE was speeding up at the end of the year too - cargo volumes saw a 16 per cent increase in the last three months of 2011 compared to the same period the previous year. "Our flagship terminal in the UAE has yet again exceeded all expectations delivering another record year as it continues to position itself as the gateway port of choice to handle cargo destined for the Middle East, India and Africa regions," said DP World chairman Sultan Ahmed bin Sulayem.
The firm is currently pursuing several ambitious projects, including an expansion of Jebel Ali Port that will allow it to handle 19 million containers by 2014 and a new deep-sea container port scheduled to open in London by the end of 2013. The firm's chief executive, Mohammed Sharaf, said that "uncertainty remains" around the health of the shipping industry at the start of the year, but said the firm had taken this into account and increased its focus on "faster-growing emerging markets".
"We believe our continued investment in existing and new terminals around the world will ensure our portfolio is best positioned to meet the expectations of our customers and their future requirements," he said. Dubai has previously said it expects trade and tourism to form the twin pillars of its strategy to spearhead economic growth as it recovers from the effects of the global financial crisis.
© 7Days 2012
