DP World Chairman says port operator is 'preparing for the worst'
DP World Chairman, Sultan Ahmed bin Sulayem, in a recent interview with AFP said the next four months will be critical for DP World even as his company "prepares for the worst."
Drawing a parallel to the devastation wrought by World War II Mr Sulayem said the covid-19 crisis has taken a big toll on world trade.
Although, DP World had a seen 4% decline of business in the first quarter of 2020 it is the performance of second and third quarters that are playing on the Chairman's mind.
However, on another note, Mr Sulayem, said that despite the present challenges, DP World, which operates across 54 countires, would still be open to making acquisitions if the right opportunity presented itself.
Being a major source of revenue for the government DP World has so far not sought any kind of government aid and has continued paying salaries to its workforce that has remained intact through the crisis.
If in case the need were to arise, Mr Sulayem said DP World would raise funds from the market.
With regard to recovery, Mr Sulayem said that world over governments need to implement innovative stimulus packages immediately to save their economies and keep global trade ticking.
In 2019 DP World handled 71.2 million TEUs placing it among the top five port and terminal operators of the world.