Jebel Ali Port hits new monthly container throughput record

DP World’s Jebel Ali Port set a new monthly container throughput record in July, handling 1,400,000 TEUs (Twenty-Foot Equivalent Units) and topping its previous high set in 2015.

This follows a strong performance in the first half of 2024, with the port handling 7.3 million TEUs, up 3.9 per cent year on year, driven by strong inbound cargo movement, particularly from key Asian markets including China, Japan, and the Republic of Korea.

The ongoing expansion of Jafza is also instrumental in driving container traffic through Jebel Ali Port. Now hosting nearly 10,500 companies, Jafza continues to attract leading international corporations, bolstering trade volumes and economic diversification.

Sultan Ahmed Bin Sulayem, Chairman and CEO of DP World Group, said, “For over 45 years, Jebel Ali has been a catalyst for the growth of trade and the economy in Dubai and the wider region. As one of the largest and most efficient ports in the world, it remains a cornerstone of our global network, significantly contributing to Dubai’s economic vision and regional trade. We are committed to building on this achievement, driving innovation, and further strengthening Dubai’s position as a leading global trade hub.”

Abdulla Bin Damithan, CEO & Managing Director of DP World GCC, said, “This new record at Jebel Ali Port highlights our commitment to excellence in global trade. The port’s ability to consistently break new ground in container handling is a testament to the strategic investments we have made in technology, infrastructure and the robust trade environment in Jafza and Dubai. We anticipate continued growth as we leverage our global network and the promising trade opportunities arising from our national trade agreements.”

Jebel Ali’s growth is part of DP World’s broader success globally, with total consolidated throughput for the group reaching 42,580,000 TEUs, up 6.8 per cent, compared to the same period in 2023.

The UAE’s proactive efforts to strengthen bilateral trade through Comprehensive Economic Partnership Agreements (CEPAs) have contributed to increasing bilateral trade volumes, thanks to reduced tariffs, enhanced market access, and strengthened trade ties with global partners.

Recent trade agreements with Chile, Mauritius, Colombia, and Korea are expected to boost container traffic through Jebel Ali Port further.

Meanwhile DP World Limited on Thursday announced resilient financial results for the first six months to 30 June 2024. On a reported basis, revenue grew by 3.3 per cent to $9,335 million ($9.3b) while adjusted EBITDA3 decreased by 4.3 per cent to $2,497 million with an adjusted EBITDA margin of 26.8 per cent.

Like-for-like gross container volumes growth of 6.1 per cent driven by strong growth in Americas, Europe, Asia Pacific, and Jebel Ali. Capital expenditure of $994 million ($910 million in H1 2023 was invested across the existing portfolio with $593 million in Ports and Terminals, $278 million in Logistics and Parks and Economic Zones, $122 million in Marine Services and $1 million in Head Office.

Capital expenditure guidance for 2024 is for approximately $2 billion to be invested in the UAE including Drydocks World, London Gateway (United Kingdom), Inland logistics (India), Dakar (Senegal), East Java (Indonesia), Callao (Peru), Jeddah (Saudi Arabia), Dar Es Salam (Tanzania) and DP World Logistics (Africa) and Fraser Surrey Docks (Canada).

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: ‘’We are pleased to report resilient results, with revenue increasing by 3.3 per cent in the first half of the year, despite challenging macroeconomic conditions. The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis.

Nevertheless, our strategic emphasis on high-margin cargo, comprehensive end-to-end supply chain solutions, and stringent cost management have been crucial in achieving this financial performance.In Logistics, our investments have been focused on organically expanding our freight forwarding platform, which now encompasses over 90 per cent of global trade across more than 150 locations worldwide.

Strategic investments in sectors poised for high growth allow us to provide value-added services, and we remain dedicated to continuously improving our logistics capabilities. This includes tackling supply chain inefficiencies and enhancing connectivity in key trade corridors to better support cargo owners.’’

Salama reports a 67 per cent increase: Islamic Arab Insurance Company (DFM listing: “Salama”), UAE’s largest Takaful solutions provider, has reported a net profit of Dhs 20.53 million, compared to Dhs12.26 million during the same period in 2023. In line with the company’s commitment to delivering core business profitability, Takaful revenue was recorded at Dhs528.58 million - despite facing a challenging revenue environment, while total assets rose to Dhs3,701.08 million.