World trade growing in many regions, says DP World Chief

Sultan bin Sulayem revealed that the emirates’ trade has reached Dh1.6 trillion



Image used for illustrative purposes only (File photo)
Image used for illustrative purposes only (File photo)
by

Waheed Abbas

Published: Tue 4 Oct 2022, 2:21 PM

Last updated: Tue 4 Oct 2022, 3:45 PM

World trade is growing in many regions while companies are moving their production facilities to those countries which have high consumption, said Sultan bin Sulayem, group chairman and CEO, DP World.

While speaking at the Arab Media Forum on Tuesday, bin Sulayem said trade is growing in China, the Far East, Africa and Latin America.

“We have over 90 port terminals and we see numbers are growing every week. Global trade also kept inflation low. The decision to increase rates to keep inflation low has nothing to do with the money supply. The cost of energy is high,” he said, adding that many policies around protection measures around the world wouldn’t work.

Bin Sulayem statement comes amidst worries about global recession in many developed countries.

“Global trade allows access to products that are better in terms of price and availability.”

DP World chief revealed that the emirates’ trade has reached Dh1.6 trillion.

“When pandemic broke out and China imposed a lockdown, the world woke up to a shortage of products. For example, I’ve never really seen a two-year wait for a car order. Even mobile phone supply is short because of problems in the supply chain... Our role as a port operator has expanded. This means we may have vessels in the future as part of the supply chain,” said bin Sulayem.

He stated that companies are looking at production facilities in the country of consumption.

“This basically happened because of necessity after China lockdown and products were not moving. For example, now Apple plans to produce products in India,” he added.

Do your own search

In reply to a question about fake news at the Arab Media Forum, bin Sulayem said there is a lot of misinformation and fake news.

“The problem is sometimes media news is in a hurry to broadcast new information or breaking news. And many times, this news is not true and, unfortunately, it goes, especially on social media... People read messages on WhatsApp and they believe in it. The best thing is whatever you read, do your own research,” he said.

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