Dubai state investment firm seeks Asian expansion
State-owned investment firm Dubai World is on the prowl for more investments in Asia, especially in the fast growing economies of India and China, its chairman said today.
By Agencies |
SINGAPORE: State-owned investment firm Dubai World is on the prowl for more investments in Asia, especially in the fast growing economies of India and China, its chairman said on Thursday.
Dubai World already has an extensive presence in the region especially in the port terminal business but there remains scope to increase its portfolio given Asia's booming expanion, said Sultan Ahmed bin Sulayem.
"China and India are two major growth markets that we want to be in," he said at a media briefing.
On China, he said: "We look for other opportunities in China as far as the ports are concerned because the growth is tremendous."
Port operator DP World, which is part of Dubai World, has terminals in parts of China including in Tianjin under joint ventures.
DP World became one of the world's top container port operators after its $6.9 bn acquisition of Britain's Peninsular and Oriental Steam Navigation Co in 2006.
Dubai Drydocks World, also part of Dubai World, has acquired more than 84 per cent of Pan-United Marine, a Singapore-listed shipyard.
"Dubai and Singapore are acknowledged leaders in the global maritime sector and we are confident that Dubai Drydocks World's presence in Southeast Asia will create new growth opportunities in the industry that will benefit both sides."
Dubai World already has an extensive presence in the region especially in the port terminal business but there remains scope to increase its portfolio given Asia's booming expanion, said Sultan Ahmed bin Sulayem.
"China and India are two major growth markets that we want to be in," he said at a media briefing.
On China, he said: "We look for other opportunities in China as far as the ports are concerned because the growth is tremendous."
Port operator DP World, which is part of Dubai World, has terminals in parts of China including in Tianjin under joint ventures.
DP World became one of the world's top container port operators after its $6.9 bn acquisition of Britain's Peninsular and Oriental Steam Navigation Co in 2006.
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Dubai Drydocks World, also part of Dubai World, has acquired more than 84 per cent of Pan-United Marine, a Singapore-listed shipyard.
"Dubai and Singapore are acknowledged leaders in the global maritime sector and we are confident that Dubai Drydocks World's presence in Southeast Asia will create new growth opportunities in the industry that will benefit both sides."
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