Dubai well po­si­tioned for north-south trade: DP World VC

The Pak Banker - - MARKETS/SPORTS -

Dubai is well po­si­tioned to take ad­van­tage of grow­ing trade be­tween Moscow and Africa, DP World vice-chair­man Ja­mal Ma­jid Bin Tha­niah told the Com­mon­wealth of In­de­pen­dent States (CIS) Global Busi­ness Fo­rum on Wed­nes­day.

"From the way we have seen trade in the past, it is dom­i­nated by the east-west [routes], but we have seen a lit­tle northsouth. North-south is yet to see greater growth," he told del­e­gates dur­ing his key­note ad­dress on the North-South Trans­port Cor­ri­dor.

"East-west is a sat­u­rated econ­omy. Be­tween 2008 and 2015 the global econ­omy has be­come ex­tremely volatile. It goes up and down. Dur­ing the same pe­riod if you look at the emerg­ing mar­kets it will tell a to­tally dif­fer­ent story that east­west trade. "We see the fu­ture in the emerg­ing mar­kets. That's where the real chal­lenge is. That's where the real trade will take place."

With its role as an air freight and seago­ing trade hub, the UAE and Dubai in par­tic­u­lar are in an ex­cel­lent po­si­tion to take ad­van­tage of the grow­ing trade, he said, in­di­cat­ing that Dubai punched above its weight when com­par­ing trade vol­umes to pop­u­la­tion level.

DP World's ex­pan­sion plans for its con­tainer port at Jebel Ali is ex­pected to in­crease its ca­pac­ity to 22.1 mil­lion twenty-foot equiv­a­lent units (TEU) by 2018. "It's a huge num­ber, which is not con­sis­tent with the pop­u­la­tion," he said. "We in Dubai and the UAE don't be­lieve we are serv­ing 7.5 mil­lion peo­ple.

We are serv­ing 7 bil­lion peo­ple. That's why Dubai and the UAE are well placed to be ma­jor play­ers in fu­ture trade with the CIS and the northsouth trade."

"If you look at world trade, we have seen a drop in trade in only one year, which is 2009. Af­ter 2010 trade as con­tin­ued to grow," he added.

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