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- DP World CFO Yuvraj Narayan said on Tuesday he expected that disruptions to shipping in the Red Sea on vessels would hit European consumers hardest.
- “The cost of goods into Europe from Asia will be significantly higher,” Narayan told Reuters at the World Economic Forum meeting in Davos, Switzerland.
- “European consumers will feel the pain … It will hit developed economies more than it will hit developing economies,” the Dubai based logistics company’s finance chief added.
- Narayan said there was a need to shorten global supply chains to reflect de-globalisation, adding that flows from east “will become less relevant”, while north to south will grow