DP WORLD EXECUTIVE NOMINATED FOR PRESITIGOUS US GOVT POSITION (Dubai Ports World)

Dubai Ports World ^ | 24 January 2006 | Tom Mollo

[hedgetrimmer]

Dubai, 24 January 2006: - Global ports operator DP World today welcomed news that one of its senior executives, Dave Sanborn, has been nominated by US President George W. Bush to serve as Maritime Administrator a key transportation appointment reporting directly to Norman Mineta the Secretary of Transportation and Cabinet Member.

The White House has issued a statement from Washington DC announcing the nomination. The confirmation process will begin in February.

Mr Sanborn currently holds the position of Director of Operations for Europe and Latin America for the Dubai-based company

Mohammed Sharaf, CEO, DP World said: “While we are sorry to lose such an experienced and capable executive, it is exactly those qualities that will make Dave an effective administrator for MarAd. We are proud of Dave’s selection and pleased that the Bush Administration found such a capable executive. We wish him all the best in his new role.”

Ted Bilkey, Chief Operating Officer, DP World said: “Dave’s decades of experience in markets around the world, together with his passion for the industry and commitment to its development, will allow him to make a positive contribution to the work of the Maritime Administration. We wish him well for the future.”

Mr Sanborn, a graduate of The United States Merchant Maritime Academy, joined DP World in 2005. He previously held senior roles with shipping lines CMA-CGM (Americas), APL Ltd and Sea-Land and has been based, besides the US, in Brazil, Europe, Hong Kong and Dubai during his career. He has also served in the US Naval Reserve.

Mr Sanborn is due to take up his new role based in Washington DC later in 2006.

[Dane]

Kool-Ade, Kool-Ade, Tastes Great! Kool-Ade, Kool-Ade, Can't Wait!

Well gee another internet "shipping expert" putting in their ignorant .02 cents worth.

[MineralMan]

"Well gee another internet "shipping expert" putting in their ignorant .02 cents worth.
"

I'm not a shipping expert. I just have a good nose, and this still smells.

You can say whatever you wish. I can say whatever I wish. I promise you that you will hear much more about this appointment and this acquisition, though.

We have more than enough foxes guarding henhouses in this country, already. More we do not need.

[Dane]

I don't know. I got concerned when this Dubai-based company bought these port facilities

Well gee, how come the outrage now instead of when a foreign company was actually running a container facility. Bit of a hypocrite aren't you.

[md2576]

Reminds me of when President Clinton and President Jian Zemin (I think) Were having a press conference at the White House way back when. The Chinese President was describing an upcoming military show where "they would display all of China's military strength for the people to see". "Everything, except what we stole from the Americans".

President Clinton and the press merely laughed this off and I was disgusted but have never heard another word on it nor can find it on the net.

So what's next?

Shaykh Maktum bin Rashid al-Maktum Saying. We will kill all infidels and convert non-Muslims. All, except the Americans.

[Eric in the Ozarks]

This is a very bad idea.

[hedgetrimmer]

Well gee another internet "shipping expert" putting in their ignorant .02 cents worth.

Oh I forgot. The American people aren't supposed to run their own country. We're globalized now. If anyone says otherwise, just call them names.

[Dane]

I'm not a shipping expert. I just have a good nose, and this still smells.

You can say whatever you wish. I can say whatever I wish. I promise you that you will hear much more about this appointment and this acquisition, though.

We have more than enough foxes guarding henhouses in this country, already. More we do not need.

Actually I think you have a loud mouth and wish to do democrat Alito confirmation tactics on a good man(Dave Sanborn) who has much experience in the shipping industry.

[skip_intro]

Well, I guess Mr. Know Nothing about Everything really put you in your place, eh?

[MineralMan]

This namecalling business is getting old, Dane. You have an opinion of this matter. I have a different opinion of it.

Please stop with the personal attacks and address the issue. That will be more productive, I think.

[hedgetrimmer]

on a good man(Dave Sanborn)

who is good because? And how do you know this?

[MineralMan]

"Actually I think you have a loud mouth and wish to do democrat Alito confirmation tactics on a good man(Dave Sanborn) who has much experience in the shipping industry."

I'm all in favor of someone with experience in the shipping industry having this position. I'm not in favor of someone from DP World having the position, especially given the recent acquisition. I needn't know anything about the shipping industry to see that's a bad idea.

[MineralMan]

"Well, I guess Mr. Know Nothing about Everything really put you in your place, eh?"

---

Yeah. I'm going to just stop talking about my concerns over this wierd appointment now. NOT!

[MineralMan]

"And how do you know this?"

A very good question, I think.

Dane?

[Dane]

Oh I forgot. The American people aren't supposed to run their own country. We're globalized now. If anyone says otherwise, just call them names

Gee where was an American company to bid on the contracts?

You know you should really do some basic reserach and less knee jerking.

BTW, would you be just as angry if the Singapore company had won P&O's port contracts. This was an old fashioned business acquisition.

If anything how come you are silent about the P&O shareholders who sold their company to DPWorld. Oh that's right then you couldn't blame Bush, when Bush had nothing to do with this the selling of P&O.

[Chgogal]

I beg to differ. There is a slight difference between Britain having control and Dubai having control. I do not believe all allies are equal. I simply do not want under any circumstances to give a Muslim country any economic leverage over our strategic physical assets that the US cannot live without. Also, knowing that entities such as Al Qaeda (who BTW does get support from the UAE) are willing to wait years to attack us, it wouldn't take much to put just a handful of Jihadists into important operational positions that could cause the US a world of hurt.

[hedgetrimmer]

More info

PCFC sukuk shows Dubai's support for Sharia funds Sohain Zubairi, Special to Gulf News

The structure of PCFC sukuk is based on the Islamic principles of musharaka.

On Monday, the shareholders of P&O approved the proposed acquisition of the company by DP World in an overwhelming manner, expressing confidence in the professionalism and ability of DP World to own and manage the company.

The above success brings to fore the two important points: a) the high credibility of Dubai Inc. as a leading contender of good investment opportunities on an international scale and b) the increasingly important role played by Islamic finance in the development projects of Dubai in particular and the UAE in general.

Without doubt, Dubai has been a vanguard in successfully adopting the instrument of sukuk as a means of tapping the needed liquidity for its various projects. Sukuks launched with the direct or indirect involvement of the Government of Dubai include Nakheel sukuk, DCA sukuk, DMCC sukuk, Emirates sukuk and of course the PCFC sukuk.

Lion's share

The aggregate value of these sukuks is an enormous $5.6 billion. This amount is about half the value of all sukuks launched globally so far and clearly conveys Dubai's resolve to promote Islamic way of financing for its projects. On the other hand, it has provided Islamic banks in Dubai with a valuable opportunity to develop the high-level expertise in structuring various types of sukuk, which have been internationally acclaimed.

Although, strictly speaking, the PCFC sukuk was not linked to support the acquisition of P&O, it was meant to augment the company's overall financial resources in a Sharia-compliant manner so as to enable it to undertake several major development initiatives, which included, apart from P&O acquisition plan, the development of Jafza South Zone with eight business and industrial sub-zones.

The gigantic South Zone will consist of Dubai Distribution Centre for shipping, warehousing, transportation and distribution; Pharma-Med Park to cater to the growing needs of medical products, equipment and services sector; Construction Square for architects, developers, cement manufacturers and building fitters; Food & Beverage Park for food processing and packaging; Digital Valley of consumer electronics, electric appliances and telecommunication products; Chemical & Plastic Field for plastics, rubber and chemicals sectors; Paper Pack Zone to enhance Dubai's status as an emerging major supplier of stationery, packaging and printing products; and Fragrance, Beauty and Fashion Park for the perfumes and cosmetics sector.

The PCFC sukuk is based on contractual partnership where an agreement is entered into between two or more parties to combine their equity for the purpose of investing the same in a Sharia-compliant manner for earning profits.

The musharaka equity could be either in cash or in kind. However, scholars say that if a partner is contributing the equity in kind, its value should be independently assessed (for example by a professional surveyor) in order to avoid any conflict between the partners. Another way acceptable to Sharia is the unanimous approval by all partners of the value of the asset being contributed as the musharaka equity.

While musharaka profits can be distributed between the partners in any ratio agreed to between them irrespective of their equity contribution ratio, the losses if any, will be borne by them pro rata to their equity contribution ratio. This is only fair since the loss sustaining capacity of each partner has a direct relationship to the capital contributed by it.

The writer is the vice-president and head of sharia structuring, documentation and product development at Dubai Islamic Bank.

http://archive.gulfnews.com/business/Banking_and_Finance/10018795.html

[Dane]

I'm all in favor of someone with experience in the shipping industry having this position. I'm not in favor of someone from DP World having the position, especially given the recent acquisition. I needn't know anything about the shipping industry to see that's a bad idea.

Uh Mr. Sanborn has worked for many different shipping companies, his latest employment was for DPWorld, but that doesn't matter to you, there is good knee jerk rant to be had.

BTW, here is a synopsis of Mr. Sanborn's appoitment from a shipping trade site.

Hearing Held on David Sanborn Nomination as Maritime Administrator

On Tuesday, February 7, t he Senate Commerce, Science and Transportation Committee conducted a hearing on the nomination of David Sanborn to become the next Administrator of the Maritime Administration.

Mr. Sanborn, a graduate of the Merchant Marine Academy, has extensive experience in the industry from both a shore-based port operational perspective and in management positions with then- Sea-Land Service, Inc. and American President Lines. During his confirmation hearing, Mr. Sanborn pledged to call upon these experiences as he approaches the problems and opportunities of the U.S.-flag maritime industry.

Senators Allen (R-VA), Lott (R-MS) Stevens (R-AK) and Inouye (D-HI) stressed the need for the Maritime Administration to assume a proactive leadership role to address the needs of the industry. In his prepared statement, Mr. Sanborn stated that “if I am confirmed I will take this opportunity to play a leadership role in bringing our U.S.-flag fleet back to the preeminence it once enjoyed and to expand upon our domestic cargo carrying capability.”

The Committee will markup the nomination of Mr. Sanborn at a date yet to be announced

Link

[hedgetrimmer]

This was an old fashioned business acquisition that supports Sharia law in the Western world. Yep, just an old fashioned exercise in 'capitalism'.

[MineralMan]

"There is a slight difference between Britain having control and Dubai having control."

I'd certainly say so. Dubai, while nominally an ally of ours, remains a Muslim country. No doubt there are elements in that country which have animosity towards the USA.

For me, it's bad enough to allow such a nation to own these resources. But, for President Bush to appoint a person who is a top executive in DP World to administer this whole thing just doesn't make any sense to me.

Yes, I know that this guy is a US Citizen. But...he has immediate and close ties to DP World. These will not be severed, an anyone who thinks they will is foolish. That isn't how this stuff works.

Maybe it's all as innocent as a 4 year old child. It doesn't matter. It stinks, and the stink is going to spread widely.

Dane is here telling us that "it'll all be OK," but I see no reason to trust one Freeper on this issue. If something smells, it's time to go looking for the dead thing.

[mdittmar]

But you trash him to fill up your little tin foil head, Mr. know it all about shipping.

Trash him?

Did I miss something?