Dubai World announces $3.70bn worldwide investment

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A view of Dubai World port, one of the world's largest and busiest ports. Photo - Samantha Appleton/Noor/CNN

Dubai World has announced it is planning to invest AED13.6 billion ($3.70bn) in new projects over the next three years as part of its ongoing expansion strategy worldwide.

Sultan bin Sulayem, the company’s chairman said DW has already invested around AED1.7 billion ($460m) in 2011, mainly on its Jetway project in London.

“We have plans to invest nearly AED13.7 billion ($3.70bn) until 2014…these will cover 10 large expansion projects targeting promising markets,” the chairman was quoted by Abu Dhabi-based Arabic language daily Al Ittihad as saying.

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

He added that the expansions are in line with demand the company expects to handle in the near future.

Bin Sulayem claimed DW currently controls nearly 10% of the global ports market, adding that since the construction of Jebel Ali port the company has completed several other expansion projects worldwide.

“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 emphasised that DW ‘s portfolio increased by nearly 12% in 2010-2011 thanks to the company’s drive to cover more than 60 ports around the world.

“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.”

Bin Sulayem disclosed that the company has asked its shipping clients for the construction of vessels with a capacity of more than 15,000 containers, adding that this request was behind DW ‘s recent decision to add five million containers to Jebel Ali port capacity.

“This will allow us to realise the target to lift the total handling capacity at Jebel Ali port to 19 million containers by 2014.”

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