DP World Group plans to increase the number of its shipping offices to more than 200 by the end of the year.
DP World aims at covering around 95% of global trade flows.
This is by leveraging its recent acquisition of “Cargo Services Far East” in Hong Kong.
Details about DP World Group Acquisition of Cargo Services Far East – Hong Kong
Cargo Services Far East acquisition was finalized on September 2, 2024.
The company is a market leader in origin services, which involves moving goods from the factory floor to the customer’s door.
They have a strong presence in Greater China and across Asia, Europe, South Africa, and the US.
With this acquisition, DP World gains access to Cargo Services’ extensive expertise and global network.
Cargo Services has been operating in China since 1989, making it one of the earliest foreign logistics service providers in the region.
Mentioning that it employs over 2,500 people globally.
Investing $3 billion over the next 3 to 5 years.
DP World Group is focusing on the manufacturing and trade strength of the world’s second-largest economy.
In addition to boosting its capabilities in Hong Kong to capitalize on significant growth opportunities.
According to Sultan Ahmed bin Sulayem, Chairman and CEO of DP World.
Sultan Ahmed bin Sulayem said:
“We want to take greater advantage of the Chinese market.
In the past, we used Dubai, and now we believe we can add value here.
By connecting Chinese products with Africa and neighboring countries.”
The UAE is proving its economic stability amid geopolitical tensions, said Joshua Mahoney, chief market analyst at Scope Markets. pic.twitter.com/jxIWkB8i3X
— UAE Voice (@uae_voiceeng) October 10, 2024
Meanwhile, DP World plans to invest $3 billion over the next 3 to 5 years.
This investment will be in new ports and logistics infrastructure in various regions.
Mentioning that Africa, along with the Middle East and Europe, contributed approximately $6.59 billion, or more than 70%, of DP World’s revenue in the first half of 2024.
