By Amr Adel
Dubai – Mubasher: UAE’s port operator DP World would not require administrative or financial restructuring after a series of acquisitions, said Chairman Sultan Ahmed bin Sulayem.
The group carried out in last years a number of takeovers, including Economic Zones World, which came as part of its activities in the logistics and cargo sector, bin Sulayem told journalists on a conference call.
DP World has invested around $5.4 billion in 2015, including $4 billion in acquisitions and $1.4 billion in capital expenditure.
The chairman indicated that the group seeks to finalise new expansions in Jebel Ali, which will comprise vertical expansion in warehouses and multi-storey depots to overcome the shortage in land areas. He also added that the expansion plan includes building an industrial complex and a housing compound for its staff.
DP World is willing to foray into the U.S. market once it finds economically-feasible opportunities there, said bin Sulayem, adding that the group has sufficient liquidity to finance future expansions.
He estimates the group’s capital expenditure this year at around $1.2 billion and $1.4 billion.
Translated by Sayed Abdel Rahman
