what is dp world ?
A worldwide logistics firm with its headquarters in Dubai, United Arab Emirates, is called DP World
Its areas of expertise include cargo logistics, trade zones, port terminal, and freight logistics. DP World, which was created in 2005 through the union of Dubai Ports Authority and Dubai Ports International, manages 70 million containers brought in by over 70,000 vessels each year.
They have 82 maritime and inland facilities spread across more than 40 nations, which together account for almost 10% of the world's container trade. DP World was largely a global port operator up until 2016, and since then it has acquired additional businesses across the value chain.
Established in 2005, with a headquarters in Dubai, United Arab Emirates and 97,600 people work there.
1999 saw the establishment of Dubai Ports International (DPI)
Its first project involved managing and running the South Container Terminal in Jeddah, Saudi Arabia, in partnership with a local partner (SCT)
Later, DPI expanded its activities to the ports of Djibouti, Vizag, India, and Constanţa, Romania starting in 2000, 2002, and 2003, respectively. DPI bought CSX World Terminals back in January 2005. Dubai Ports International and the Dubai Ports Authority later joined forces to become DP World in a formal merger that took place in September 2005. In March 2006, DP World acquired P&O, the fourth-largest port operator in the world, for £3.9 billion, continuing the company's rapid acquisition-led growth.
George W. Bush on February 22, 2006, to introduced by Congress that would have prevented the agreement.On February 23rd, 2006, DP World offered to postpone taking over important seaport operations, and on March 9th, 2006, it was reported that it will transfer its management of American ports to a "US organisation."
In March 16, 2006, the US House of Representatives voted on a bill that would have prevented the DP World transaction. 348 lawmakers voted in favour of blocking the transaction, while 71 members voted against it.
A contract was signed by DP World and the Port Muhammad Qasim near Karachi in August of 2006.
The company sold $3.25 billion in conventional bonds in June 2007.By 2008, the company was shipping 46.8 million TEU globally, an 8% increase over 2007. This was due to growth and development initiatives in countries like India, China, the Middle East, and other places. Over the next ten years, it was anticipated that capacity will increase to around 95 million TEU.
DP World's financial standing was downgraded to junk status by Moody's in December 2009 as a result of the Dubai 2009 debt impasse.
The repurchase of P&O Ferries from Dubai World for £322 million was announced by DP World on February 20.
The business said that, as a result of the COVID-19 epidemic, its profitability had decreased by 29% from 2019 to March 2021.
Abdulla Bin Damithan was selected to serve as the CEO and managing director of UAE businesses in May 2021.
huge layoff controversy in the UK
Ferries immediately ceased operations on March 17, 2022, laid off every employee in the country, cancelled all departures, and offloaded all cargo and passengers. In a video call, 800 UK employees were informed that their job was "terminated with immediate effect owing to redundancy" and that, going forward, workers employed by a third-party supplier would handle their work.