In March 2026, missile attacks struck Dubai and other locations in the Middle East—has the myth of the region as a 'safe haven' collapsed?

“The image of Gulf cities as stable sanctuaries and safe places to live, work, and do business is now under assault,” wrote Kristian Coates Ulrichsen, Middle East Fellow at the Baker Institute for Public Policy, in an email. He added that these attacks constitute “a rude awakening” for many foreign residents, tourists, and other visitors—and could inflict psychological harm that is both immeasurable and impossible to ignore, especially if the chaos persists beyond a few days. Karen Young, Senior Research Scholar at Columbia University’s Center on Global Energy Policy and expert on Gulf economic strategy, noted in an email that prolonged instability in the Gulf region could also affect global capital flows. “Investment vehicles in the Gulf—whether fully or partially state-owned—are increasingly becoming preferred partners for global infrastructure investment and private equity funds, and have now emerged as capital-dominant sources in energy, technology, and artificial intelligence,” she stated. The region currently hosts several sovereign wealth funds, each managing hundreds of billions of dollars. As Gulf governments strive to diversify away from oil dependence, these funds have steadily flowed into the West. For example, at the end of 2024, Abu Dhabi–based Mubadala Capital acquired Canadian asset management firm CI Financial for CAD 4.7 billion. The significance of this capital was evident to Mark Carney, who traveled to Doha in January—the first such visit by the current Prime Minister. During the trip, Qatari Emir Sheikh Tamim bin Hamad Al Thani pledged “major strategic investments in Canada’s national infrastructure projects.” A third pillar underpinning the Gulf’s financial appeal is its status as a hotspot for infrastructure projects—many of which have attracted Canadian capital and expertise. In 2022, the Caisse de dépôt et placement du Québec (CDPQ) announced one of Canada’s largest investments in the region: a joint $5 billion investment with DP World across three UAE assets. These include Jebel Ali Port—one of the world’s largest ports—and the 21-square-kilometer Dubai National Industrial Park. Last weekend, DP World suspended operations at Jebel Ali Port. According to the Dubai Media Office, the fire resulted from debris generated by anti-missile or anti-drone intercepts targeting Iranian missiles or drones. In an email statement, CDPQ confirmed it has no offices or staff in the Gulf region and is closely monitoring the situation. Montreal-based Canadian engineering firms WSP Global and Atkinsrealis Group have likewise benefited from the infrastructure boom. WSP recently contributed to constructing the Zayed National Museum in Abu Dhabi (the UAE’s national museum), and has signed contracts to upgrade Kuwait’s major highways and to help build the Kuwait Children’s Hospital.

Special research report on Hutchison Whampoa

Major competitors in the port industry for Hutchison Ports include COSCO Shipping Ports, China Merchants Port, PSA International, APM Terminals, DP World, Terminal Investment Limited (TIL), and International Container Terminal Services, Inc. (ICTSI; ICT.PM). Overall, we believe Hutchison Ports’ business will benefit from global trade growth and maintain its global leadership position, thereby continuing to generate stable revenue for the company. COSCO Shipping Ports and China Merchants Port are world-leading container port operators, primarily covering mainland China. In 2021, their combined container throughput reached 129 million TEUs and 135 million TEUs respectively—both exceeding Hutchison Ports’ total throughput of 88 million TEUs. However, in 2020, their equity-based throughput accounted for 6.3% and 5.9% of the global total, respectively—slightly higher than Hutchison Ports’ 5.8%. Yet Hutchison Ports holds relatively low equity stakes in Chinese ports, typically adopting joint-venture operational models with regional industry leaders. Examples include: Shanghai Mingdong Container Terminal (30% stake), operated jointly with Shanghai International Port Group, China Shipping Terminal, and others; Shanghai Pudong International Container Terminal (30% stake), operated jointly with Shanghai Waigaoqiao Bonded Area Port Company, COSCO Pacific, and Shanghai Shihua Infrastructure Holdings; and Ningbo Beilun International Container Terminal (49% stake), operated jointly with Ningbo-Zhoushan Port Group. PSA International was formerly the Singapore Port Authority and was restructured in 1997 into Singapore Port Authority Pte Ltd, wholly owned by Temasek Holdings. In 2021, PSA Group’s total throughput amounted to 91.5 million TEUs, and its equity-based throughput represented 8% of the global total in 2020. APM Terminals, a subsidiary of Danish shipping giant Maersk, operates 75 ports across 42 countries. Its total throughput in 2021 reached 44.9 million TEUs, while its equity-based throughput accounted for 6% of the global total in 2020. DP World operates port businesses in 69 countries. In 2021, its container port throughput totaled 77.9 million TEUs, and its equity-based throughput represented 6% of the global total in 2020. According to Drewry data, DP World’s ports span all six inhabited continents; in 2021, its market share in the Middle East and Oceania stood at 36.5% and 22.4%, respectively. TIL, a subsidiary of Mediterranean Shipping Company (MSC), operates 40 ports across 27 countries. Its total throughput in 2020 was approximately 28.2 million TEUs, representing 4% of global equity-based throughput that year. ICTSI (ICT.PM), headquartered in Manila, Philippines, operates 34 ports across 24 countries. Its total port throughput in 2021 was 11.16 million TEUs, representing 1% of global equity-based throughput in 2020.

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