2026-09-06
DP World invested about AED 4 billion (USD 1.1 billion) in ports, economic zones and logistics across the Middle East, Europe and Africa in the first half of 2026, and revenue from the region rose 7.9% to about AED 30.5 billion (USD 8.3 billion), Emirates 24|7 reported on Sunday 6 September 2026, citing the group’s interim results for the six months to 30 June 2026 published on 13 August. The money went mainly to Jebel Ali Port, the EZ World economic zones business and Dubai Maritime City in the UAE, London Gateway port and its logistics park in the United Kingdom, the new port near Dakar in Senegal, Banana Port in the Democratic Republic of Congo and DP World Logistics Jeddah in Saudi Arabia. The same report explains why the region’s revenue grew only 1.3% on a like-for-like basis: container volumes in the Middle East, Europe and Africa fell 22.6% to 13.1 million TEU because the closure of the Strait of Hormuz cut vessel traffic into Jebel Ali, whose throughput dropped from 7.8 million to 3.1 million TEU. DP World answered with more inland trucking, two new terminals in Fujairah on the Gulf of Oman and a full-year investment plan of about USD 3 billion (AED 11 billion). This article sets out the regional and group figures, the list of projects, what happened at Jebel Ali and what the numbers mean for companies that import, re-export or run logistics from the UAE.
The region’s half-year: revenue up 7.9%, volumes down 22.6%, investment up 35%
DP World reports three regions. The Middle East, Europe and Africa is the largest: it produced USD 8.3 billion of the group’s USD 12.7 billion revenue in the first half, about 65%, and received USD 1.1 billion of the USD 1.5 billion the group invested, about three quarters. The figures below are taken from the segment table of the interim results, before separately disclosed items; AED equivalents are calculated at the fixed rate of AED 3.6725 per US dollar, which is why Emirates 24|7 rounds the revenue to AED 30.5 billion and the investment to AED 4 billion.
| Middle East, Europe and Africa | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Gross container throughput | 13.1 million TEU | 16.9 million TEU | -22.6% |
| Revenue | USD 8,327 million (AED 30.6 billion) | USD 7,718 million (AED 28.3 billion) | +7.9% reported, +1.3% like-for-like |
| Adjusted EBITDA | USD 2,076 million (AED 7.6 billion) | USD 2,368 million (AED 8.7 billion) | -12.3% |
| Adjusted EBITDA margin | 24.9% | 30.7% | -5.8 points |
| Profit after tax | USD 1,251 million | USD 1,640 million | -23.7% |
| Capital expenditure | USD 1,116 million (AED 4.1 billion) | USD 825 million (AED 3.0 billion) | +35.3% |
The report’s own explanation is short: “Growth across Europe, Africa and other operations in the region helped partly offset the impact of lower activity in the UAE”, and the fall in the margin reflects “primarily the lower contribution from Jebel Ali”. At group level, revenue was also supported by newly acquired logistics businesses and by Marine Services, which reconfigured routes to keep cargo moving and benefited from higher freight rates across the industry.
Where the AED 4 billion went
The interim report names seven destinations for the region’s USD 1.1 billion, without splitting the amount between them. Six of the seven are also on the list of major investments planned for the full year, when the group expects to spend about USD 3 billion in total.
| Project | Country | What it is |
|---|---|---|
| Jebel Ali Port | UAE | The group’s flagship container port and the hub of the UAE’s re-export trade; fully operational through the half, with vessel traffic reduced by the conflict. On the full-year investment list together with EZ World. |
| EZ World and Dubai Maritime City | UAE | EZ World is the economic zones business that runs Jebel Ali Free Zone, whose customer base grew to 11,654 companies from 11,119 a year earlier. Dubai Maritime City is the maritime industrial cluster next to Port Rashid; the report notes lower plot sales there in the half. |
| London Gateway Port and London Gateway Park | United Kingdom | DP World’s deep-water container port on the Thames estuary and the logistics park beside it; both are on the full-year list. |
| Dakar (Port of Ndayane) | Senegal | A USD 1.2 billion new deep-water port about 50 km south of Dakar, the group’s largest investment in an African port. Phase one is designed for 1.2 million TEU a year; dredging was completed in July 2026, 13 months ahead of schedule, and the port is planned for completion in 2028. |
| Banana Port | Democratic Republic of Congo | The country’s first deep-water port, built under a 30-year concession with British International Investment as co-investor. Phase one: a 600 m quay and capacity of 450,000 TEU a year. |
| DP World Logistics Jeddah | Saudi Arabia | A logistics facility at Jeddah, part of the USD 480 million the group put into logistics expansions in Sub-Saharan Africa, Europe, India and the GCC. On 30 April 2026 DP World also sold 37.5% of Jeddah Port Southern Container Terminal to APM Terminals for USD 185 million while keeping control. |
By service line, USD 831 million of the group’s first-half investment went into ports and terminals, including Jebel Ali, London Gateway, Dakar, Banana and Tuna Tekra Kandla in India; USD 480 million into logistics, parks and economic zones; and USD 214 million into Marine Services, mainly Maritime Solutions and Drydocks World in Dubai. Maintenance and replacement spending accounted for USD 359 million of the USD 1.5 billion total.
Jebel Ali: 3.1 million TEU instead of 7.8 million
The report does not give a separate line for Jebel Ali, but it publishes group throughput with and without the port: 42.8 million TEU in total and 39.7 million excluding Jebel Ali in the first half of 2026, against 45.4 million and 37.7 million a year earlier. The difference is Jebel Ali itself: about 3.1 million TEU in the first half of 2026 against 7.8 million in the same period of 2025, a fall of roughly 60%. A footnote states the cause in one line: the metric without Jebel Ali was added “following the temporary disruption to Jebel Ali Port operations resulting from the closure of the Strait of Hormuz during the period”. The port itself “remains fully operational, with no physical damage”, but “the conflict has temporarily reduced vessel traffic into the port”.
The rating agencies covered the same period from the outside. As we reported in our article on S&P’s affirmation of the UAE’s AA rating, S&P last affirmed the rating on 9 March 2026, days after the regional conflict began, and its first-half data put Jebel Ali’s container volume down about 60%, the same figure that follows from DP World’s own tables. Moody’s described the strait as closed since early March.
DP World’s response has three parts, all of them already visible in the UAE. First, inland connectivity: in July the group bought 700 trucks for its GCC road network, adding up to 35,000 truck trips a month after moving more than 350,000 TEU onto land routes, as described in our article on DP World’s 700 trucks and UAE trade. Second, a gateway outside the strait: on 22 July 2026 DP World signed a 50-year concession with the Fujairah Ports Authority for two terminals at Al Rughailat and Dibba on the Gulf of Oman, with up to 2.5 million TEU of container capacity at Al Rughailat and a construction period of 24 to 30 months, which we covered in our article on the Fujairah 50-year concession. The chairman, Essa Kazim, describes the terminals as “extending the Jebel Ali ecosystem through an integrated supply chain”. Third, the rest of the network: excluding Jebel Ali, the group’s container volumes rose 6.5% like-for-like, revenue rose 18.5% and adjusted EBITDA rose 9.7%, with growth in Africa, Asia Pacific, Europe and the Americas.
Sharjah’s Khorfakkan port, also on the Gulf of Oman and operated by Gulftainer, is the other UAE gateway that does not depend on the strait; its expansion to 5 million TEU and the target of 10 million are described in our article on the Khorfakkan port expansion, and the wider picture of Etihad Rail and new terminals in our article on the UAE’s multimodal logistics hub.
The group: USD 12.7 billion revenue, USD 1.5 billion invested, USD 3 billion planned
At group level, revenue rose 13.1% to USD 12.7 billion (AED 46.7 billion), adjusted EBITDA fell 5.6% to USD 2.9 billion (AED 10.5 billion) at a margin of 22.5%, and profit for the period fell 39.1% to USD 585 million (AED 2.1 billion). Cash generated from operations was USD 2.0 billion, total liquidity USD 8.2 billion (AED 30.1 billion) including USD 5.5 billion of cash, and leverage stood at 3.7 times EBITDA on a pre-IFRS 16 basis against the group’s policy of below 4.0 times. Fitch rates the group BBB+ and Moody’s Baa2, both with a stable outlook.
| Group indicator | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Gross container throughput | 42.8 million TEU | 45.4 million TEU | -5.7% |
| Throughput excluding Jebel Ali | 39.7 million TEU | 37.7 million TEU | +5.4% reported, +6.5% like-for-like |
| Revenue | USD 12,715 million (AED 46.7 billion) | USD 11,244 million (AED 41.3 billion) | +13.1% reported, +4.1% like-for-like |
| Adjusted EBITDA | USD 2,863 million (AED 10.5 billion) | USD 3,033 million (AED 11.1 billion) | -5.6% |
| Adjusted EBITDA margin | 22.5% | 27.0% | -4.5 points |
| Profit for the period | USD 585 million (AED 2.1 billion) | USD 960 million (AED 3.5 billion) | -39.1% |
| Capital expenditure | USD 1.5 billion (AED 5.5 billion) | USD 1.1 billion (AED 4.0 billion) | full-year plan about USD 3.0 billion |
The three regions moved in different directions. Asia Pacific and India grew on logistics acquisitions, Australia and the Americas on container volumes in the Americas, while the Middle East, Europe and Africa carried the Jebel Ali effect and still received most of the investment.
| Region, H1 2026 | Throughput | Revenue | Adjusted EBITDA | Investment |
|---|---|---|---|---|
| Middle East, Europe and Africa | 13.1 million TEU (-22.6%) | USD 8,327 million (+7.9%) | USD 2,076 million (-12.3%) | USD 1,116 million |
| Asia Pacific and India | 22.6 million TEU (+4.0%) | USD 1,962 million (+14.9%) | USD 344 million (-18.5%) | USD 213 million |
| Australia and Americas | 7.1 million TEU (+4.9%) | USD 2,426 million (+33.4%) | USD 768 million (+25.9%) | USD 197 million |
The full-year plan of about USD 3.0 billion lists Jebel Ali Port and EZ World in the UAE, London Gateway and London Gateway Park in the UK, Banana Port in the DRC, Tuna Tekra Kandla in India, Drydocks World, Maritime Solutions and Jeddah Logistics. The group also raised about USD 700 million during the half from the sale of non-core logistics assets in the UK and of minority stakes, and its tax line records USD 244 million of income tax for the six months, including USD 16 million of Pillar Two top-up tax, with corporate tax liabilities recognised on the profits of its entities in the UAE.
What the numbers mean for businesses in the UAE
For a trading, distribution or logistics company in the UAE the interim report is a description of the operating environment of 2026, written by the operator of the country’s main port. The practical points are these.
- Jebel Ali is open and being expanded. The port has no physical damage, and it is on the group’s investment list for both the half and the full year together with the free zone platform. The constraint in the half was vessel traffic through the strait, not port capacity.
- Companies kept registering in the free zone. Jebel Ali Free Zone’s customer base rose to 11,654 from 11,119 in a year, so licensing and registration continued through the disruption; a company that needs a Jafza or other free zone licence should treat the process as business as usual. See company setup in the UAE.
- Two gateways outside the strait are being built or expanded: DP World’s Fujairah terminals under the 50-year concession and Khorfakkan in Sharjah. Importers who route cargo through the east coast should check with their forwarders which UAE port their contracts and delivery terms name, and whether inland haulage from Fujairah or Khorfakkan to Dubai is included in the quoted rate.
- Road freight capacity has grown. DP World’s 700 additional trucks and the 350,000 TEU already moved by land mean that GCC road corridors are a working alternative for cargo to and from Saudi Arabia and the other Gulf states, not only a fallback.
- Budgets should start from the half-year data. The first-half figures that DP World reports, with Jebel Ali about 60% below last year, are the ones the rating agencies used; a 2026 or 2027 plan for an import or re-export business should be built on them rather than on 2025 volumes.
- Large groups see the tax regime in the report: DP World recognises UAE corporate tax on its UAE entities and paid USD 16 million of Pillar Two top-up tax in the half, which shows both regimes operating for a Dubai-based multinational.
How Atlant Capital can help
Atlant Capital registers companies on the mainland and in the UAE free zones for trading, distribution and logistics businesses, including the choice of jurisdiction and business activities for import, re-export and freight forwarding; see company setup in the UAE. We open corporate bank accounts for new and existing companies (bank account opening) and handle work visas and residency for owners, managers and staff (work visa and residency). Accounting, VAT registration and corporate tax filing are provided by licensed accounting firms from our partner network.
Conclusion
DP World’s interim results put a number on both sides of 2026 in the Gulf. The Middle East, Europe and Africa lost 22.6% of its container volume and 5.8 points of EBITDA margin because vessel traffic into Jebel Ali fell to about 3.1 million TEU, yet the group still invested USD 1.1 billion (about AED 4 billion) in the region, 35% more than a year earlier, and grew its revenue there by 7.9% to USD 8.3 billion (about AED 30.5 billion). The money is going to Jebel Ali and the free zone platform, Dubai Maritime City, London Gateway, the new ports at Ndayane and Banana and logistics in Jeddah, with about USD 3 billion planned for the full year and two Fujairah terminals added to the UAE gateway network. For companies in the UAE the message is that the port, the free zone and the road network are being expanded through the disruption, and that the first-half figures are the base for planning.
FAQ
How much did DP World invest in the Middle East, Europe and Africa in the first half of 2026?
USD 1,116 million, or about AED 4 billion, according to the segment table of DP World’s interim results for the six months to 30 June 2026, up from USD 825 million a year earlier. The report names Jebel Ali Port, EZ World and Dubai Maritime City in the UAE, London Gateway Port and London Gateway Park in the UK, Dakar in Senegal, Banana in the Democratic Republic of Congo and DP World Logistics Jeddah in Saudi Arabia as the main destinations. The region’s revenue rose 7.9% to USD 8,327 million, about AED 30.5 billion.
Why did DP World’s container volumes fall in the first half of 2026?
Because of the closure of the Strait of Hormuz during the period, which temporarily reduced vessel traffic into Jebel Ali Port. Group throughput fell 5.7% to 42.8 million TEU, and the Middle East, Europe and Africa region fell 22.6% to 13.1 million TEU. Jebel Ali’s own volume, calculated from the group’s tables, was about 3.1 million TEU against 7.8 million a year earlier. Excluding Jebel Ali, the group’s volumes rose 6.5% on a like-for-like basis.
Is Jebel Ali Port operating normally?
DP World states that Jebel Ali’s infrastructure remains fully operational with no physical damage, and that the conflict has temporarily reduced vessel traffic into the port. The group has expanded inland connectivity, including 700 new trucks for its GCC road network, and signed a 50-year concession for two new terminals in Fujairah on the Gulf of Oman to extend the Jebel Ali ecosystem. Jebel Ali Free Zone’s customer base grew to 11,654 companies in the period.
What is DP World’s investment plan for 2026?
About USD 3.0 billion (AED 11 billion) for the full year, after USD 1.5 billion in the first half. The main projects are Jebel Ali Port and EZ World in the UAE, London Gateway and London Gateway Park in the UK, Banana Port in the Democratic Republic of Congo, Tuna Tekra Kandla in India, Drydocks World, Maritime Solutions and Jeddah Logistics. The group’s liquidity was USD 8.2 billion at 30 June 2026 and its leverage 3.7 times EBITDA on a pre-IFRS 16 basis.
