ciency in any one will bring the others down,” he pointed out. In line with this strategy, DP World continues to invest in the latest technology and in hiring the best-available talent, to raise its ports’ performance levels. “Over the years our general cargo operations have benefitted immensely from the implementation of a new terminal operating system, sophisticated online services, and the adoption of global best practices,” the CEO said. He added that DP World’s senior executives were always on the move, traveling to various ports worldwide, to understand best practices within the industry and strengthen the company’s position in the global supply chain. All these efforts appear to be paying off, as DP World’s financial performance in the first half of 2016 remained robust. In a recent report, the company noted that strong adjusted EBITDA (earnings before interest, tax, depreciation and amortization) growth during the period resulted in a profit increase of more than 50 percent, to US$608 million. Cash generation from operating activities during the period was also strong, at US$905 million, compared with US$857 million in the first half of 2015. The company continued to attract investors, as it successfully raised US$1.2 billion through a new seven-year Islamic-bonds, or sukuk, transaction, listed at Nasdaq Dubai. The fund will help DP World refinance US$1.1 billion of sukuk that will mature in 2017. The financial report added that noncontainer revenue, which includes the general cargo operation, “decreased by 0.9 percent on a like-for-like basis and increased by 17.9 percent on a reported basis.” DP World’s first half performance is a welcome bright spot amid a gloomy outlook for global trade. According to the World Trade Organization, international trade growth this year will stand at just 1.7 percent and at 1.8 percent in 2017, the slowest pace since the financial crisis. Bin Sulayem expects breakbulk to remain a significant segment of Jebel Ali Port’s non-container business for years to come. “We continuously strive to enhance our capabilities and provide solutions
to serve growing customer needs in line with global developments,” he said. “[Our goal is to] push ourselves to ensure that Jebel Ali Port remains the leading port in the region.” BB
Criselda Diala-McBride is a Dubai-based journalist with more than 20 years of experience writing and editing articles on oil and gas and technology.
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