Istithmar World 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.

Istithmar World, DP World and the QE2 management announce the iconic QE2 is to have a permanent home at the heart of Port Rashid, the hub of cruising in the Middle East. The vessel will be moored next to the original cruise terminal at Port Rashid and converted into a 300 room luxury hotel, with top quality lifestyle facilities, while the terminal itself will be developed into a maritime museum. Once converted, the QE2 will once again display the ship’s collection of art works…