Sunday, October 19, 2008

Dubai World and China Shipping discuss business opportunities

HE Sultan Ahmed Bin Sulayem, Chairman of Dubai World, one of the largest holding companies in the world, met in Shanghai on Monday Li Shaode, President of China Shipping (Group), China’s leading shipping conglomerate, to discuss business opportunities.

The meeting presented an opportunity to get a closer view of the maritime business sector in the region. “Dubai World has a strong investment base in China, mainly through DP World, the group’s global marine terminal operator. We are keen to take a close look at more investment opportunities in China in line with the visit of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in April this year, which has further strengthened economic ties between the two countries,” said Bin Sulayem.

A senior management team from DP World accompanied Mr. Bin Sulayem on his visit.

This follows the visit by a 17-member high-level civic delegation from Shanghai in August this year led by HE Han Zheng, Mayor of Shanghai, as part of a familiarisation tour to know more about the group’s new projects.

Dubai World’s investment portfolio in China mainly includes port operations by DP World. The group’s private equity and alternative investment house, Istithmar World as well as its global real estate master developer Limitless, have offices in Shanghai.

Dubai and China enjoy very healthy trade ties, which has been increasing steadily over the past five years. According to Dubai World Statistics Department studies, bilateral trade soared to a 47% high in 2007. The figures showed that there was an increase in non-oil trade between the two countries from AED48.4 billion (around US$13.18 billion) in 2006 to AED71.2 billion (around US$19.4 billion) in 2007.

Shanghai-based China Shipping Group is one of the key state-owned enterprises under the direct administration of the central government and is a super-large shipping conglomerate that operates across different regions and countries. It operates across a diversified range of businesses such as integrated logistics, ship management terminal management, finance and investment, engineering and labour service, supply and trading and information technology. It has over 260 overseas branches and offices.

Dubai World is Dubai's flag bearer in global investments. As a holding company it operates a highly diversified spectrum of industrial segments and plays a major role in the Emirate's rapid economic growth. Its primary aim is to play the role of a growth engine that powers development both locally and internationally. Dubai World's investment spans five strategic growth areas of the 21st century commerce namely Transport & Logistics, Drydocks & Maritime, Urban Development, Investment & Financial Services and Energy and Natural Resources. The company's business strategy is driven by a combination of pragmatic acquisitions and prudent investments, designed to deliver real, measurable results to all its stakeholders.