ICEC

Dubai World to invest Dh13.6bn

Dubai World ( DW ), one of the largest ports companies in the world, is planning to invest Dh13.6 billion in new projects in the next three years as part of an ongoing expansion strategy worldwide, its chairman was quoted on Sunday as saying.

The company already invested nearly Dh1.7 billion in 2011, mainly in its Jetway project in London, Sultan bin Sulayem said.

“We have plans to invest nearly Dh13.7 billion until 2014…these will cover 10 large expansion projects targeting promising markets,” he told the Abu Dhabi-based Arabic language daily Alittihad.

“Around 79 per cent of these investments will be concentrated in Europe, the Middle East and Africa…three per cent will cover Asia Pacific and nearly 18 per cent will be in Australia and the Americas.”

He said the expansions are intended to meet a sharp rise in the company’s handling capacity in the near future as it has already exceeded 80 per cent.

Bin Sulayem said DW currently controls nearly 10 per cent of the global ports market, adding that the company had undergone several expansion projects following the construction of Jebel Ali port.

“The free zone adjoining that port succeeded in attracting more than 6,500 companies, including 117 firms ranked among the world’s largest 500 firms.”

He said DW ‘s portfolio grew by nearly 12 per cent in 2010-2011 as the company is pushing ahead with a drive to cover over 60 ports worldwide.

“Despite growing challenges in the market, DW is pursing long term investment, mainly in Asia, Africa and the Middle East, which already account for nearly 75 per cent of the company’s business,” he said. ” DW will press ahead with investment in new ports in all parts of the world.”

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