Dubai World Group News

DP World today announces that it has acquired World Security FZE for total consideration of $25.5 million. World Security FZE provides security services and solutions to various corporates in Dubai including ports and free zones. World Security FZE is a wholly owned subsidiary of Istithmar World Ventures LLC, which is part of the Dubai World Group which in turn is 100% owned by the Government of Dubai. Dubai World is the majority shareholder and a related party of DP World under the UK Listing Rules. The acquisition is classified as a smaller related party transaction under Listing Rule 11.1.10. Given that security is crucial to the safe and secure operation of Dubai’s ports, this was a unique opportunity to acquire a strategically important asset on commercial terms.

Dubai Maritime City, the world’s first purpose-built maritime centre and part of the Dubai World Group of companies, continues to achieve major development milestones and confidently progresses towards its 2012 completion date. Infrastructure for the Industrial Precinct of the unique maritime development is set to continue significantly during 2009 making it fully operational ahead of schedule with 85 per cent of the work complete. Groundwork for the Commercial Precinct is at 65 per cent, while roadwork is in the final stages.