Message from the Chairman

2024 presented significant challenges for global trade, with geopolitical tensions, the emergence of new trading blocs, and disruptions such as the Red Sea closure reshaping supply chain dynamics. Despite these pressures, global trade continued to expand, with merchandise trade volumes increasing by 2.7% and container volumes rising by 6.4%.

At DP World, we navigated these headwinds with agility and resilience, delivering a solid performance while reinforcing our commitment to sustainable and digital trade solutions. We remain focused on building a robust, efficient, and forward-looking logistics ecosystem that supports our customers, economies, and global supply chains.

Adapting to a shifting global landscape

In 2024, rising protectionist policies and trade barriers added pressure to global trade costs, prompting businesses to reassess their supply chain strategies. To adapt, many businesses are restructuring supply chains through the ‘China +1’ approach, expanding into Vietnam and India while also nearshoring to strengthen resilience and mitigate geopolitical risks. At DP World, we are actively enabling these transitions through strategic investments in infrastructure, technology, and trade facilitation.

Unlocking opportunities amid disruption

Despite global challenges, we delivered strong financial performance in 2024, with revenue growing by 9.7% to US$20.0 billion and adjusted EBITDA increasing by 6.7% to US$5.5 billion, reflecting our focus on operational efficiency and high-margin cargo.

Key strategic investments in Tanzania, Brazil, and Türkiye have reinforced our commitment to strengthening global trade corridors.The modernisation of Dar es Salaam Port in Tanzania has already yielded significant improvements, reducing vessel waiting times and unlocking economic potential for East Africa. In Romania, our investment has solidified its role as a critical European trade hub, facilitating East-West trade flows. Additionally, DP World’s total handling capacity exceeded 100 million TEUs in 2024, a significant milestone that reflects our ongoing investment in world-class infrastructure and our ability to support growing global trade flows.

Expanding logistics capabilities

Our Logistics division has significantly expanded its capabilities, offering cargo owners a comprehensive suite of end-to-end solutions. Our strategic investments have scaled our freight forwarding network to over 200 locations, covering nearly all major global trade routes and strengthening our ability to serve a broader client base with seamless, integrated logistics solutions.

We have also expanded into new verticals, including Chemicals and Retail, bringing our total number of focused verticals to eight, covering nearly 50% of global GDP. These additions enhance our ability to provide specialised high-value logistics services that meet the evolving needs of cargo owners across diverse industries.

As global trade becomes increasingly complex, DP World continues to lead in optimising supply chain efficiency and improving connectivity across emerging trade corridors. With a clear focus on building scale, expanding vertical expertise, and delivering tailored supply chain solutions, we are well-positioned for sustained growth and long-term value creation.

Evolving for a sustainable future

Sustainability and innovation remain central to our strategy. We took bold steps in 2024 to integrate environmental responsibilityinto our core operations:

• We issued a US$100 million Blue Bond, the first for a corporate from the CEEMEA region, to fund sustainable maritime and water projects.
• We became the first logistics company in the region to have its emissions targets validated by the Science Based Targets initiative.
• Against our 2022 baseline, we exceeded our 10.5% Scope 1 and Scope 2 carbon emissions reduction target, with nearly 65% of our global electricity now sourced from renewable energy.

Beyond emissions reduction, we are championing biodiversity and sustainable trade. Through our Ocean Strategy, we are leading efforts to decarbonise maritime transport while advancing our commitment to ocean health and conservation.

Strategic priorities for 2025 and beyond

Looking ahead, our focus remains on delivering long-term, sustainable growth through three key priorities:

Strengthening Trade Corridors: Expanding partnerships and infrastructure investments to create more diversified, resilientsupply chains that empower global markets.

Digitalisation: Leveraging AI, blockchain, and digital transparency to enhance trade efficiency, security, and accessibility.

Decarbonisation: Expanding renewable-powered logistics infrastructure and driving solutions aligned with global climate goals.

Positioned for long-term value creation

As we move forward, DP World remains committed to delivering innovative, technology-driven solutions that enable businesses to thrive in a complex global trade environment. Our long-term strategy is underpinned by disciplined investment, a customer-centric approach, and a focus on sustainability.

Our success is built on the dedication of our employees, the trust of our customers, and the support of our stakeholders. As we embrace the opportunities ahead, we remain committed to shaping the future of global trade – one that is more connected, sustainable, and resilient. We look forward to another year of progress, collaboration, and shared success.

Thank you for being part of our journey.

Sultan Ahmed bin Sulayem

Group Chairman & Chief Executive Officer