DP World remains “bullish” on its expansion plans in Africa, even as the continent faces inflation from the Iran war caused by surging fuel prices, according to its regional head.

The global logistics giant is continuing its expansion plans for ports and infrastructure from Mozambique to Congo. It has invested as much as $4 billion in the last five years across the continent, and plans to commit another $4 billion to new port development corridors and logistics, said Mohammed Akoojee, DP World’s chief executive officer and managing director for Africa.

Still, the surge in petrol and diesel costs used in operations threatens to dampen economic activity across the continent.

“We’ve got to increase our pricing and that’s not great because that results in inflation,” he told Bloomberg Television in an interview on the sidelines of a conference in Kigali, Rwanda. “I think the impact on the consumer and the economies in Africa with what’s going on in Iran, will start flowing through.” 

“Certainly, if this war continues and the Strait of Hormuz remains closed, then there’ll be a deeper impact on Africa,” he added.

The maritime entrance to the Persian Gulf has been effectively shut since the start of U.S.-Israel attacks on Iran in late February. That’s choked off a fifth of the world’s oil and gas shipments with crude regularly trading above $100 a barrel. 

DP World operates more than 7,000 trucks across Africa and has faced a roughly 75% increase in fuel prices in South Africa, home to its largest fleet. Those cost pressures ultimately get passed on to customers.

The closure of the strait has disrupted some shipping corridors into Africa by isolating DP World’s major Jebel Ali hub in Dubai, according to Akoojee. This has in turn affected cargo flows to Berbera in Somalia and onward into Ethiopia. “That has been something we’re having to deal with.” he said.

Investment is increasingly going into infrastructure that also connects ports to regional supply routes, including links between Tanzania, Rwanda, Zambia and Congo, Akoojee said. “Our business has changed from just being a port business to becoming more of an ecosystem for logistics, for trade.”

The company still sees long-term growth in Africa, with ongoing projects to expand Maputo Port in Mozambique and the Democratic Republic of Congo’s first deep-water port, which is scheduled for completion by the first quarter next year.