DP World — the Dubai-headquartered global ports and logistics operator that runs Jebel Ali Port — released its first-half 2026 results on 13 August 2026. Revenue rose 13.1% to $12.7 billion, while adjusted EBITDA fell 5.6% to $2.86 billion. Softer Jebel Ali traffic is offset by the global network: excluding Jebel Ali, container volumes rose 6.5% like-for-like and adjusted EBITDA gained 9.7%. Of the $3 billion 2026 capex plan, $1.5 billion was deployed in the first half.
Headline numbers, H1 2026
The report is built around four benchmark figures:
- revenue — $12.7 billion, +13.1% vs H1 2025 ($11.24 billion);
- adjusted EBITDA — $2.86 billion, −5.6% vs $3.03 billion a year earlier;
- total group container throughput — 42.8 million TEU, −5.7% year-on-year (from 45.4 million TEU);
- H1 capex — $1.5 billion out of the $3 billion 2026 programme.
The gap between rising revenue and falling EBITDA reflects the shape of the half: revenue grows from the wider global network and pricing on selected lanes, while margin is under pressure from lower container volumes at Jebel Ali — the group's home hub.
Jebel Ali vs the rest of the network: two different triangles
The defining story of the half is the divergence between Jebel Ali and the rest of the global portfolio. Excluding Jebel Ali, the group looks very different:
- container throughput — 39.7 million TEU, +5.4% on a reported basis;
- on a like-for-like basis — +6.5%;
- adjusted EBITDA — +9.7% year-on-year;
- growth spread across Africa, the Americas, Asia Pacific and Europe.
Yuvraj Narayan, DP World Group CEO since February 2026, commented alongside the release: “Excluding Jebel Ali, container volumes increased by 6.5% on a like-for-like basis, and adjusted EBITDA increased by 9.7%.” In plain business terms: global portfolio diversification is doing its job, and the UAE hub shock is a temporary one.
The group attributes the Jebel Ali softness to disruption in Middle East shipping routes during the first half of 2026 — some shipping lines re-timetabled and re-routed vessels. For DP World, this is a factor outside its operational perimeter.
The $3 billion capex programme: where the money is going
The group has re-confirmed a $3 billion capex budget for 2026. In H1, $1.5 billion was deployed — exactly half. Capital is targeted across five markets:
- UAE — capacity expansion at the UAE hub;
- United Kingdom — London Gateway;
- India — Tuna Tekra and other projects;
- Saudi Arabia — Jeddah and related assets;
- DR Congo — the deep-water Banana terminal.
This confirms the strategy set out in the March 2026 FY 2025 results: DP World is building trade infrastructure not in one hub but across a chain of global nodes, reducing revenue and EBITDA dependence on any single terminal. The practical effect is already visible in H1 2026 — with Jebel Ali softer, the group still keeps double-digit revenue growth.
New Fujairah terminals: a 50-year concession
A parallel story of the same half is Fujairah. In July 2026, DP World signed a 50-year concession to build two new terminals in Fujairah, integrated with the Jebel Ali ecosystem. The intent is to give the UAE a second major container port on the Gulf of Oman coast — outside the chokepoint of the Strait of Hormuz. For operators dependent on stable container flow through the UAE, this is long-term insurance for decades and, at the same time, an expansion of the UAE hub's overall receiving capacity.
What this means for UAE business
DP World's H1 report is one of the key indicators for the state of UAE trade infrastructure. Three practical takeaways:
1. Infrastructure absorbs the shock. Even with the home hub softer, DP World's global network posts double-digit revenue growth. This supports the base case for companies whose logistics and import-export sit on UAE infrastructure.
2. Capacity expansion continues. $1.5 billion deployed in H1 plus two new Fujairah terminals under construction is a direct signal: UAE hub receiving capacity is set to grow, not shrink. Through 2026-2028, this builds headroom for growing CEPA trade and regional flows between the UAE and India, Saudi Arabia and Africa.
3. Logistics free zones remain a priority. JAFZA next to Jebel Ali, Dubai South by Al Maktoum Airport and KIZAD in Abu Dhabi keep growing under rising trade flow. How to pick a free zone and how much a logistics centre in 2026 will cost is set out in a separate piece — “Setting Up a Logistics Centre in the UAE”.
What comes next
On the group's calendar after the interim release, expect: (1) a Q3 2026 operational update on container volumes in October-November 2026, (2) a progress report on capex (the remaining ~$1.5 billion of the $3 billion programme), (3) news on Fujairah construction and next-phase openings at London Gateway and Tuna Tekra.
The broader UAE macro picture for 2026 — which sectors are pulling the economy and where the risks sit — is covered in a separate article: “UAE Economy 2026: Diversification Under Stress Test”.
This material is informational and is not an investment recommendation. Verify financial data, capex programmes and corporate events on DP World's official channels (dpworld.com).
