Sunday / November 18.
HomeChannelsFeaturedDubai keen to join China’s multi-trillion dollar logistics project

Dubai keen to join China’s multi-trillion dollar logistics project

|By Arabian Post Staff|DP World, which already has a tie-up with Hyperloop One for conducting a feasibility study on moving containers from ships docked at DP World’s flagship Jebel Ali Port via the Hyperloop system to a new inland container depot in Dubai, is now keen to join China’s multi-trillion dollar One Belt One Road (OBOR) project.

DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem who was in Hong Kong last week to attend the Asian Logistics & Maritime Conference in Hong Kong, met Chinese officials and conveyed the company’s keen interest in China’s One Belt One Road project.

He stressed that the UAE stands to gain from the project significantly.“OBOR is a global initiative, one from which we all stand to benefit. Done in the right way, the opportunities from it will be enormous and we look forward to working with China and other nations to realise its goals. China and the UAE are partners in this journey – we are on the same ‘Belt and Road”.

Bin Sulayem highlighted DP World’s experience and expertise in markets across the OBOR region spans South Asia, China, Pakistan, India, Kazakhstan and throughout Europe and suggested that its multi-national and cultural understanding has enabled the company to become a “knowledge exporter” on trade issues, providing insight and advice to governments.

He pointed out that there are three keys to OBOR’s success.  “We believe in China’s One Belt One Road initiative and see huge potential in it, but it is essential that there is a focus on funding, collaboration between nations and innovation for it to be truly successful.

“The resources required to develop OBOR are vast, with estimates between USD 2 trillion and USD 3 trillion per year. While government backed financial institutions have been created, there is a need to address the gap between public and private funding. At the same time, collaboration is key to harmonise customs processes, develop multimodal connectivity and remove complexities from the global supply chain with policies and procedures that promote cross-border trade and investment.

“Finally, opening up the ancient trade routes of the Silk Road will require creativity, entrepreneurship and an open mind. Solutions to enable trade will push the boundaries of what’s possible and this is why we’ve invested in the Hyperloop One, Sulayem said.”

Hyperloop One, which is reinventing transportation by developing the world’s first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and DP World announced a deal in August to pursue a cargo Hyperloop One system at the Jebel Ali port.

Hyperloop One similarly has a tie-up with Dubai Road Transport Authority to develop autonomous transportation in the UAE, including designs for the world’s first Hyperloop One Portals (the equivalent of a station or airport) and Hyperloop One Pods that can take passengers from Dubai to Abu Dhabi in 12 minutes, compared to a two-hour drive.