HIS HIGHNESS SHEIKH AHMED BIN SAEED AL MAKTOUM

CEO, EMIRATES

progressive economic policies, HH Sheikh Mohammed is also the engine behind the Emirates Group’s trajectory. Without his drive and support, Emirates will be half the size of what we are today.”

Regarding the future, Sheikh Ahmed said: “We go into 2023-24 with a strong positive outlook and expect the Group to remain profitable. We will work hard to hit our targets while keeping a close watch on inflation, high fuel prices, and political and economic uncertainty.”

His Highness is sounding a confident note for the future, believing his organisation can maintain multiple airlines, digitise processes, double its cargo capacity in the next year, and make major steps towards a sustainable industry. On a final note, Sheikh Ahmed has committed US$200 million to a newly created aviation sustainability fund.

Sultan Ahmed bin Sulayem has become synonymous with the growth in logistics in the Middle East region, perhaps now being the most instantly recognisable figure due to his leadership of port operating giant DP World.

While not being the biggest, DP World itself is arguably the most globally renowned port operator in the world given its investments in ports and terminals globally and its famed golf tournament. Such developments are typical of Sultan Ahmed bin Sulayem and synergise with the vision of Dubai, that is to create positive, forwardthinking, and internationally respected brands.

With regards to DP World, the Dubaibased ports and logistics firm saw its gross volume grow by 1.4% year-on-year in the first quarter of 2023 with Sultan Ahmed bin Sulayem citing a “somewhat uncertain” near term outlook, but saying he expected a stable performance this year.

Sultan Ahmed bin Sulayem said: “A strong performance in Asia Pacific and India drove our growth. However, as anticipated, volume growth has softened in some regions, such as Europe and the Americas, due to uncertain economic conditions. Volumes at our flagship Jebel Ali terminals remain robust, with growth of 2.3%.

“Looking ahead, the near-term outlook remains somewhat uncertain given the geopolitical backdrop, high inflation, and currency fluctuations. However, we expect our portfolio to deliver a stable performance in 2023 as we remain focused on driving revenue synergies from our recent acquisitions while managing costs and growth capex.”

Under Sultan Ahmed bin Sulayem’s stewardship, DP World handled 19.5 million twenty-foot equivalent units (TEU) across its global container terminals in the first quarter of 2023, with gross container volumes increasing by 1.4% year-on-year on a reported basis and up 3.7% on a like-for-like basis. Jebel Ali Port alone handled 3.5 million TEU, up 2.3% YoY.

On a consolidated level, the company’s terminals handled 11.4 million TEU during the first quarter, up 0.7% YoY, on a reported basis but down 1.3% on a likefor-like basis, a Nasdaq statement said. DP World has operations in 60 countries on all continents, employing more than 100,000 people.

Massive Investment

In other news, DP World and the Saudi Arabia-based Hassana Investment Company (Hassana) have announced an