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It mulls new investments in Egypt, India
UAE-based global ports operator DP World could revise its investments of $3 billion in new expansion plans in Africa depending on demand and proejct feasibility, the Company’s Chairman and CEO has said.
Sultan bin Sulayem also said DP World is mulling further expansions in India and Egypt, where it already has a strong presence.
In an interview with CNBC Arabia TV, Sulayem said DP World is active in 48 African countries, including Egypt, Algeria, Djibouti, Tanzania and Senegal.
“The African market has a great potential and large opportunities and challenges…our operations there are growing fast,” he said.
“As for our planned investments in Africa, we have already announced plans to invest nearly $3 billion until 2029…but these plans may be revised depending on the available opportunities, demand and feasibility of projects.”
Sulayem said he saw good investment opportunities in India, where DP World operates in six states and also owns one of the largest private train companies.
“Container trade in India is only around 10 million containers per year while in China it is nearly 100 million containers…this means India has a great growth potential,” he said.
He revealed that DP World has logistic expansion plans in Egypt and East Asia, especially Indonesia but he did not elaborate these plans.
Sulayem said he is satisfied with DP World’s performance, adding that he expects earnings to grow by 15-20 percent in 2024.
Last month, Zawya Projects had reported that DP World is planning to launch a feasibility study for a new 500-acre free zone in Egypt. |
