Sultan Ahmed Bin Sulayem, Chairman of port and terminal operator DP World has laid out his plans for the company in an interview with Bloomberg Business Week; setting an ambitious target of 100 million TEU by 2020 for cargo-handling across its portfolio of marine terminals.
The project will boost the port’s total TEU handling capacity to more than 22 million.
Sultan Ahmed Bin Sulayem said: “In 2015 our capex remains unchanged at between US$1.4 billion to $1.7 billion plus an additional $200 million for EZW – a total of $1.9 billion.
“With the development of Terminal 4 recently announced, we are updating 2016/2017 guidance to absorb the cost of the first phase of T4. In total we will add approximately 8 million TEUs to our global portfolio this year. Our aim is to operating over 100 million of TEUs in capacity by 2020, subject to market demand.”
In other news, DP World has reached an agreement with an affiliate of The Dow Chemical Company based in Jebel Ali (“Dow”) to support the distribution of Dow‘s products.
Jebel Ali is the world’s most productive port, having maintained its lead from 2014, and remains in the top ten busiest ports in the world. DP World is currently ranked within the top five terminal operators globally.