Record decline in DP profits limits its expansion plans
Dubai Ports (DP) suffered a record decline in profits during the year 2020, limiting its expansion plans.
The Dubai Ports Company is one of the UAE’s conspiracy weapons and its suspicious arms to gain influence and expansion and plundering countries’ wealth and capabilities using means of fraud and illegal pressure.
The company announced a 29 per cent decrease in its profits in 2020, compared to the previous year, achieving $846 million.
The Coronavirus pandemic has frozen supply chains and altered global trade flows.
The company withdrew its shares from the stock exchange and returned to full state ownership last June.
The company said that its revenues in 2020 amounted to $8.53 billion, compared to $7.68 billion, and profits of $1.19 billion in 2019.
The company faced several challenges with the escalation of the Coronavirus’s spread, the escalation of regional tensions, and the continuation of trade wars.
The port operator’s removal from the stock exchange came when the parent company, Dubai World, sought to pay banks more than $5 billion.
Over the years, DP World won concessions to develop commercial ports and logistical centres in several locations across Africa, including Somalia, Algeria, Mozambique and Djibouti.
Dubai Ports World’s projects in Africa come when the UAE is aggressively seeking to win a strategic foothold in the continent.
Over the past few years, the UAE has built a series of military bases in the Horn of Africa that allow it to project its power far from its borders, in the Red Sea and the Bab al-Mandab strait.
The record decline in the work of Dubai ports constitutes an additional pressure factor on the UAE economy. It increases crises in light of a gradual collapse that it is suffering and has been exacerbated recently by the emerging Coronavirus crisis’s repercussions.
The Dubai Ports Company is widely seen as a tool of aggression for the Emirates, sabotaging countries’ capabilities and plundering their wealth and powers.
As the management of more than 70 ports worldwide, some of them among the most successful globally, away from Arab and African ports, gives the UAE immunity of a particular kind. Immunity of money, and a pressure card to silence opponents of the Emirates approach.
Add that these ports are not limited to the UAE’s use as ports, as it uses them as “military bases” from which its forces launch their war against Yemen. It will not refrain from doing so with any other country, even if the country is the port owner if the need arises.
