DP WORLD CHAIRMAN MEETS CANADIAN PRIME MINISTER JUSTIN TRUDEAU AT WORLD ECONOMIC FORUM
The importance of Canada to DP World’s global operations and the global trade enabler’s commitment to the country were a focus of discussions between DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem and Canadian Prime Minister, Justin Trudeau in a bilateral meeting at the World Economic Forum Annual Meeting in Davos, Switzerland this week.
Mr. Bin Sulayem presented an update of the global trade enabler’s activities in all its locations and conveyed the importance of the country in its growth strategy. He underlined DP World’s commitment to Canada and continuing appreciation of the support of the Canadian Government. He also detailed how DP World supports the national economy through its range of operations, community engagement and investment commitments including terminals in Vancouver and Prince Rupert on the west coast and Saint John, New Brunswick on the east.
He stressed the employment opportunities and ongoing partnership with First Nation communities as evidence of how DP World works closely with local people. This was particularly evident in Prince Rupert where DP World operates the Fairview Container Terminal. DP World completed the Phase 2 North expansion of Prince Rupert in August 2017 raising capacity to 1.35 million TEU, making it capable of handling the largest vessels afloat. It is an economic engine for the community there and a key asset with 65% of Canadian exports to Asia originating in British Columbia, ideal for the development of export logistics.
Mr. Bin Sulayem underlined the Group’s other commitments, notably the investment vehicle created in 2016 in partnership with Caisse de dépôt et placement du Québec (CDPQ), one of North America’s largest pension fund managers. The investment platform totals US$ 3.7 billion, with DP World holding a 55% share and CDPQ the remaining 45%. The platform exists to invest in ports and terminals globally (excluding the UAE) across the life cycle of the asset, with a focus on investment grade countries.
He also touched on DP World’s growth strategy to develop complementary sectors in the global supply chain such as industrial parks, free zones and logistics to add further value for all its stakeholders. Setting these up across its business and in new locations around the world will be a major focus in the coming year.