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Dubai World holding formed

Dubai: New holding company Dubai World has been officially launched numbering more than 45,000 employees in over 75 cities around the world.

Dubai World represents the core of the emirate's soaring business activity, covering strategic sectors such as real estate (eg The Palm developer Nakheel), hospitality and commodities. Maritime-related businesses are also key with the holding encompassing DP World/P&O; the Jafza free zone; Dubai Maritime City; Dubai Drydocks, Dubai Maritime City and Istithmar/Inchcape Shipping Services.

'Our Holding Company is a pioneering collection of international companies who together will proudly advance Dubai and the world,' said Dubai World chairman Sultan Ahmed Bin Sulayem. Also on the Board of the new holding company are DP World boss Jamal Majid Bin Thaniah and Dubai Drydocks ceo Geoff Taylor.

Dubai World plans to launch a number of equity funds to finance investment, beginning with two worth $1bn in the energy and telecoms sectors. A sukuk (Islamic bond) was used to help finance DP World's $6.8bn acquisition of P&O, and Bin Sulayem says the target now is to grow the port business by 40% in four years, with some $3bn to be spent on new terminals and capacity expansion.  [03/07/06]

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