Middle Eastcontinues to see opportunities, says Mohammed Al Muallem at liner shipping conference sponsored by DP World
With the continued unpredictability of world markets, the shipping and port industry needs to watch for new frontiers for growth and emerging new patterns in global trade, said Mohammed Al Muallem, Senior Vice President and Managing Director, DP World, UAE Region.
In a keynote speech to the second Middle East Liner Shipping Conference (MELSC) 2012, Mr Al Muallem said: “The Middle East is among those regions that have reported decent trade volumes over the past two years. DP World’s experience shows that the emerging and developing markets offer new frontiers for growth for the industry as a whole. It is up to us, the shipping industry leaders, to explore these business opportunities.”
The two-day annual conference, sponsored by DP World and supported by the Dubai Maritime City Authority (DMCA), is being held this week under the theme “Resilience Amid Global Economic Uncertainty – What Does the Future Hold for Middle East Liner Shipping?” Scores of industry leaders including ship owners and maritime analysts from around the region and outside are attending the event.
According to industry analysts Alphaliner, while the annual growth rate of global port throughput has almost halved from 14.1% in 2010 to a projected 7.6% in 2011, the change in the Middle East was from 7.5% to 7% for the same period. DP World saw a return of volumes to the record levels of 2008 as early as in 2010 and posted a 10% growth in gross volumes globally in 2011, with the UAE Region growing 12% to 13 million TEU for the year.
Mr Al Muallemsaid, “This indicates the resilience of the region’s liner shipping trade in the face of global economic uncertainties. The continued concern over the Eurozone and slow growth in other developed markets has meant there is a need for caution. We must step up our efforts, individually and collectively, as industry leaders to look for new cost-effective solutions to encourage supply chain growth.”
The IMF in the latest update to its World Economic Outlook, issued on January 24, predicts a GDP growth rate of 3.3% in 2012 followed by 3.9% in 2013 for the MENA region.
Referring to the persisting supply-demand imbalance in global container liner capacity Mr Al Muallem said, “There are still challenges ahead at the global level that can potentially impact the region’s supply chain sector. The answer lies in pursuing value creation through innovative technology as DP World has done at our flagship Jebel Ali Port. Sustainability can only be achieved through superior performance that benefits customers.”
In December, DP World announced plans to expand capacity at Jebel Ali by a further 4 million TEU to reach capacity of 19 million TEU by 2014.
Senior company executives are participating in panel discussions during the Middle East Liner Shipping Conference, including Nichola Siveira, Operations Support Director, DP World, UAE Region, and Raveen Guliani, Senior – Marketing & Communication, DP World, UAE Region.
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About DP World
DP World operates more than 60 terminals across six continents(1), with container handling generating around 80% of its revenue. In addition, the company currently has 11 new developments and major expansions underway in 10 countries.
DP World aims to enhance customers’ supply chain efficiency by effectively managing container, bulk and other terminal cargo. Its dedicated, experienced and professional team of nearly 30,000 people serves customers in some of the most dynamic economies in the world.
The company constantly invests in terminal infrastructure, facilities and people, working closely with customers and business partners to provide quality services today and tomorrow, when and where customers need them.
In taking this customer-centric approach, DP World is building on the established relationships and superior level of service demonstrated at its flagship Jebel Ali facility in Dubai, which has been voted “Best Seaport in the Middle East” for 17 consecutive years.
In 2011, DP World handled nearly 55 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia. With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 100 million TEU by 2020, in line with market demand. www.dpworld.com
(1) As of January 2012. Includes non-container terminals
Contacts
Media inquiries:
Natasha Bukhari
Global Corporate Communications Manager
DP World
Tel: +97156 6821699
Natasha.Bukhari@dpworld.com
Hasaad Communications:
Sanaa Maadad
Director, Media
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