KT Exclusive: Suez crisis was a wake-up call for global supply chain, says DP World chairman

KT Exclusive: Suez crisis was a wake-up call for global supply chain, says DP World chairman

The world's priciest traffic jam in Egypt's Suez Canal last month has highlighted existing vulnerabilities in global trade, a year after supply chains were disrupted by the coronavirus pandemic.

Sultan bin Sulayem, Chairman and CEO of DP World and one of Dubai's most well-respected business figures says the international community must better prepare for any scenario that threatens global trade.

Khaleej Times sat down with Bin Sulayem to discuss about the company's strategy and how the crisis impacted the global supply chain, that serves as a wake-up call for companies that rely on existing shipping techniques.

The blockage of the vital artery that handles 14% of world trade cost the global economy $400 million an hour, nearly $9 billion a day. It showed how vulnerable the existing supply chain is, “who's going to pay the losses?” asked Bin Sulayem.

The DP World chief, who is an expert when it comes to cargo and logistics handling is a solutions-driven leader known for thinking big.

He is one of the masterminds behind the Palm Jumeirah artificial islands and is personally credited with much of Dubai's economic growth thanks to the introduction of free trade zones