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DP World upbeat about future of global trade

DP World is very optimistic about the future of global trade and the maritime sector, Mohammed Al Muallem chief executive officer and managing director UAE region, DP World, told the Dubai Maritime Summit today in his keynote address, at the start of UAE Maritime Week.

He said the UAE is increasingly becoming the maritime centre for the region, thanks to it becoming the first Arab country to be elected to the International Maritime Organization’s 40-member counci, under Category B, and the launch of Emirates Maritime Arbitration Centre. The number of maritime employees in Dubai has also increased from 6,400 to 7,500 over the past year.

Al Muallem said maritime industry was entering a different era, but it would continue to thrive. Despite the current trade wars and environmental challenges, global trade is expected to grow by 34 by 2030, and expand by a year up to 2050. This will necessitate continued investment in port infrastructure and the logistics supply chain.

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With 10 of the world’s GDP to be managed through blockchain by 2027, Al Muallem said it was also important the maritime sector embraced the technology, along with the Internet of Things and Artificial Intelligence, as it was currently moving more slowly than other industries.

UAE Maritime Week runs until 1 November and is organised by Dubai Maritime Cluster Office.

Read all the coverage from Seatrade Maritime Middle East 2018 with Seatrade Maritime News reporting live on the ground

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