Monday, 4 November 2019

DP World’s UK expansion on hold over Brexit uncertainties


The UK voted to leave the European Union in 2016 yet remains trapped in a long-term relationship with the trading bloc as two prime ministers have found it difficult to have divorce deals approved by parliament.
The Chairman of DP World said that Dubai ports operator stopped its expansion plan in the UK due to uncertainties over Brexit.
Sultan Ahmed Bin Sulayem, DP World’s Chairman, said, “I have a deal to expand, but on hold until they decide, because today if you go to any bank to lend you money in the UK, they do not know are we going to be out or in.”
DP World, one of the world’s biggest ports operator, has invested more than GBP 1.5 billion ($1.9 billion) in the UK until now, including in the London Gateway Port and Logistics Park, said Sulayem.
Additionally, the Chairman also reiterated the global ports operator’s commitment to sustainable investments at the Future Investment Initiative (FII) in Saudi Arabia.
In a tweet Sulayem, said, “For us sustainability is a necessity - not an option. For example, where we have converted diesel to equipment to electric, we're saving money.”
The global ports operator has undertaken numerous measures to align its business with the SDGs.
In January 2019, at the World Economic Forum in Davos, Sulayem explained how shifting from diesel to electric-powered machines helped the company save costs as well as reducing carbon emissions. 
In its drive to create an eco-efficient and sustainable future for the cargo-handling industry, DP World partnered with Kalmar, part of Cargotech, to supply equipment at the ports operator’s several terminals worldwide.

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