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