ID :
93999
Wed, 12/09/2009 - 15:13
Auther :
Shortlink :
https://oananews.org//node/93999
The shortlink copeid
DP World reviews global projects
Dubai, DP World's projects worldwide are currently under review, a top official said according to a report in "Gulf News."
Mohammad Sharaf, CEO of Dubai Ports World, told Gulf News a statement released in the Egyptian press was incorrect. "We have not frozen any projects, they are all currently under review until further announcement."
DP World, a subsidiary of Dubai World, recently came under the media spotlight after Dubai World's announcement it was looking to restructure its debt.
DP World's third quarter 2008 report showed an increase of 20 per cent in revenues and 48 per cent in profits to US$621 million (Dh2.28 billion).
"After reporting very strong growth for the first half of 2008, growth against the prior period for the second half of the year slowed considerably with many terminals failing to or struggling to deliver increases against the prior period," Sharaf stated in the report.
"The current decline in global trade and associated falling utilisation rates has resulted in significantly reduced demand for new capacity in the near-term. In response, we have deferred approximately 50 per cent of our planned capacity expansion plans," Sultan Ahmad Bin Sulayem, chairman of DP World, said in the report.
Mohammad Sharaf, CEO of Dubai Ports World, told Gulf News a statement released in the Egyptian press was incorrect. "We have not frozen any projects, they are all currently under review until further announcement."
DP World, a subsidiary of Dubai World, recently came under the media spotlight after Dubai World's announcement it was looking to restructure its debt.
DP World's third quarter 2008 report showed an increase of 20 per cent in revenues and 48 per cent in profits to US$621 million (Dh2.28 billion).
"After reporting very strong growth for the first half of 2008, growth against the prior period for the second half of the year slowed considerably with many terminals failing to or struggling to deliver increases against the prior period," Sharaf stated in the report.
"The current decline in global trade and associated falling utilisation rates has resulted in significantly reduced demand for new capacity in the near-term. In response, we have deferred approximately 50 per cent of our planned capacity expansion plans," Sultan Ahmad Bin Sulayem, chairman of DP World, said in the report.
