DPW Looks Ahead to Expansion Drive

Monday, July 03, 2006
According to reports, DP World, on target to achieve 40 percent growth in four years, will spend up to $3b to boost container traffic at the 52 port terminals it currently operates around the globe.

Announcing the formal launch of Dubai World — the holding group comprising a collection of companies, including P&F World, the parent company of DP World — Sulayem said the diversified entity, which has seen the size and spread of business growing over the past couple of years, is geared to tap further huge potential for growth.

Sulayem said DP World and its adviser Deutsche Bank were evaluating various offers for the six US terminals it acquired as part of the $6.8 billion take-over of Peninsular & Oriental Steam Navigation Company in February.

On the source of financing for the expansion, Sulayem said they were weighing all options, including bonds, bank loans, taking new partners and a possible initial public offering. Ruling out any problems with financing requirements, he said the multi-billion group would go ahead with more bond issues as planned. In January, DP World sold $3.5 billion worth of sukuks. Maturing in January 2008, the Islamic bonds are convertible into shares and are listed on the DIFX. Sulayem said DP World would consider further acquisitions although it is not actively pursuing any deals. About the management take-over of Gwador Port in Pakistan, he said DP World is among the short-listed bidders, but denied reports of a possible trade-off deal with Pakistan government.

Dubai World, a diverse holding company focusing on development, hospitality, investment, commodities, marine services and ports and free zones — is one of the world's largest holding companies. It comprises DP World, P&O, Jafza, Dubai Drydocks, Maritime City, Dubai Multi Commodities Centre, Kerzner, One & Only, Atlantis, Island Global Yachting, Limitless, Nakheel, Istithmar, Inchcape Shipping Services, Tejari, Technopark and Tamweel. Dubai World's Board members include: Jamal Majid bin Thaniah, Ahmed Butti Ahmed, Saeed Ahmed Saeed, Chris O'Donnell, Saad Abdul Razak, Geoff Taylor, Maryam Sharaf, Suleiman Al Mazrouei, Khulood Al Rostamani, David Rutledge, David Jackson, Alan Rogers and Omar Hijazi. Source: AME

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Ports

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

World Trade Routes Won't be the Same with Expanded Panama Canal!

On 26th June 2016, a landmark development for the shipping industry will occur with the opening of the new third set of locks at the Panama Canal. Clarksons Research takes a look.

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1301 sec (8 req/sec)