Dubai – Mubasher: Geopolitical events including Brexit and economic tensions between the US and China will make 2019 more challenging year, the chairman of DP World said.
Both the US and China are two giant economies and they both need each other, Sultan Ahmed Bin Sulayem added on the sidelines of a press conference in Dubai.
“They’re negotiating. In my opinion, all these threats are part of the negotiations and they will come to an agreement,” Bin Sulayem noted.
The chairman of the world's fourth-biggest ports operator added that both economies have created uncertainty in the market during the trade talks.
“We don’t know if [Brexit] is going to happen with an agreement, without an agreement, or if they’re going to renegotiate or if the party will be supportive or not,” he said. “That’s what hurts the market the most,” Bin Sulayem said.
DP World previously announced that the Jebel Ali Port and Free Zone (JAFZA) made up for 33.4% of Dubai’s gross domestic product (GDP), totalling AED 137 billion ($37.29 billion).
JAFZA also contributed to 10.7% of the wider UAE’s GDP, along with 70% of value and 97% of all trade volume generated by Dubai’s free zones.
