Growing Stronger Together: My Five Highlights Of 2022

To make progress despite massive challenges is the defining quality of resilience. This year, DP World was able to help manufacturers and producers move past the supply chain issues caused by the pandemic to keep their goods flowing. This meant dealing with geopolitical tensions, the consequent trends of reshoring, and policies potentially detrimental to the globalised world we have all grown accustomed to.

All the while, our business continues to grow from strength to strength, both in terms of our individual capabilities and our development into a fully integrated end-to-end logistics solutions provider. As Chairman and CEO, I am deeply proud of the successes managed by every member of our now 100,000 plus strong DP World team.

Here are five highlights and reflections of this year that I think are right to address as we close 2022:

1.      Accelerating Our Transition To Integrated Logistics Solutions Provider

Throughout the year we took further strides to accelerate DP World’s transformation to the leading advanced logistics company, offering end-to-end supply chain service. After our acquisition of syncreon last year, we fully acquired Imperial in February. This has not only complemented our existing footprint but established our global end-to-end logistics capability to meet customer demand in the Americas, Europe, Africa, the Middle East and the Sub-Continent.

2.     Expanding Our Reach in Developing Markets

Logistics infrastructure opens untapped domestic and international trade opportunities, growing economies. It also helps lower the price of goods, making everything more affordable – prices in emerging markets are often three or four times higher than in developed markets due to the high cost of logistics. Each time we invest in developing economies, we not only help global trade go further, but we also facilitate economic growth, attract foreign investment and generate thousands of jobs – raising the quality of life for everyone through trade.

This year began with the first stone being laid at the Port of Ndayane, Senegal, representing the beginning of our $1 billion investment. This is our largest port investment in Africa and the largest single private investment in the history of Senegal. Our existing best-in-class infrastructure in Senegal has already been credited with stimulating a 10% uplift in the country’s GDP growth. So this investment will only reinforce the country’s position as a trade hub in West Africa and further the nation’s development through the next century.

We followed our investment in Senegal with expansion plans in Angola, Puntland – Somalia, and expanded the capabilities of our operations in Caucedo, Dominican Republic. We are also investing heavily in landside logistics to enable trade to flow more easily in developing markets, and our Callao port expansion in Peru will create one of the biggest single terminals in South America once completed in 2023.

3.     Expo 2020 Dubai

Over the 182 days of Expo 2020 Dubai, we were able to share our vision for global trade with 1.25 million people. Expo was an opportunity for us to showcase Dubai as a world-leading trade hub and our Flow Pavilion became a living example of the successes built by our commitment to ceaseless innovation to keep trade flowing.

We engaged government delegations from key markets around the world, connecting with Prime Ministers and Presidents from priority markets and signing 16 agreements over the course of Expo. These seamless connections embodied our work and brought opportunities to create future economic growth for communities around the world.

4.     Broadening Partnerships To Strengthen Our Balance Sheet And Drive Long Term Value

Part of DP World’s success has been the way we work with partners to make the most of complementary expertise and long-term thinking.

In India, we broadened our partnership with the National Infrastructure Investment Fund (NIIF) to include our flagship India ports platform, which will raise approximately $300 million. We created a new investment platform with the UK’s BII Group to accelerate investment in Africa and unlock the trade potential of the continent.

We also welcomed two new partners with minority stakes at our flagship assets in the UAE – Jebel Ali Port, Jafza and National Industries Park. The agreements with Canadian investment fund CDPQ and Saudi Arabia-based Hassana allow us to reduce our net leverage and strengthen our balance sheet. This will ensure we can enhance our UAE assets and allow us to capture the significant growth potential of the wider region.

The continued resilience of our business, diversity in our portfolio and continued focus on supply chain solutions will support our end-to-end strategy, which will drive sustainable value for all our stakeholders.  

5.     Launching The DP World Foundation

Finally, a particularly personal highlight, the founding of the DP World Foundation will allow us to carry out our humanitarian initiatives as we look to build towards a sustainable future.

We have always made great efforts to support the communities where we operate. The foundation will document and organise this work through an accredited institution to streamline those endeavours and deliver assistance to those who need it most, in the quickest time. Based on the values of responsibility, innovation, and excellence it will support causes associated with health, education and food, both on the local, regional, and international levels.

The challenges of 2021 and 2022 helped us evolve and grow stronger together. More than ever, our people have remained our most critical asset in our shared vision of enabling global trade to flow. Now it is time to look forward to 2023, so we can build on our success for the world of tomorrow.

In a few days, I will share the five things that I am looking forward to in 2023.