Dubai-based global ports operator, DP World, which is majority owned by Dubai government (80.45 percent), is considering more acquisitions in the logistics and supply chain sector to foster its position as a 'trade enabler', its CEO told daily newspaper The National.
According to the daily, the DP World CEO and MD, Mohammed Al Muallem, DP World’s chief executive and managing director declined to reveal a timeline or location for potential acquisitions.
“DP World continues to see further potential for growth in Africa and is still studying the US market for possible acquisitions,” the Al Muallem was quoted as saying.
DP World, which runs facilities in 40 countries, acquired Dubai-based oil services and marine logistics company Topaz Energy and Marine in a deal worth $1.08 billion in July.
Since 2018, the company has triggered many investments in the wider logistics and supply chain sector.
This includes buying back British ferry and shipping freight operator P&O Ferries for £322 million, more than a decade after it sold it as well as investing $500 million for a 71.3 percent stake in the Chilean port services firm Puertos y Logistica.
Al Muallem expects DP World to continue its strong growth and withstand challenges arising from US-China trade war and geo political tensions.
"If you look at the global climate at the moment, we’ve done very well … we’re very satisfied with what we’ve achieved so far under this very challenging economic environment," Al Muallem told The National on Sunday. "We’re confident, as far as DP World is concerned, that because of our geographical spread that we will continue to perform to our satisfaction."
(Writing by Seban Scaria; Editing by Mily Chakrabarty)
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