Container volumes at DP World, the port operator, grew 9.4% last year. You would’ve thought that the lingering Covid-19 pandemic and ongoing supply issues would have dampened its operations — but, Mama must be proud as it’s beaten the wider industry, in spite of these hurdles.
Not everyone in the Middle East is as lucky, though. The gloomy state of trading around the rest of the world has dampened Saudi’s BAHRI’s (the National Shipping Company of Saudi Arabia) year-on-year profits — its went down a staggering 88% in 2021, in fact! That being said, though, its quarterly profits did go up from the previous quarter on the basis of strong performance by the oil sector.
Why it matters
Though the state of trade may be looking like Eeyore these days (with cost implications trickling down the price of consumer goods around the world), Dubai has proven itself to be more resilient and has hence bounced back (much like Tigger!).
