DPW to spend $3b on global expansion drive

Khaleej Times (UAE) ^ | July 3, 2006 | BY ISAAC JOHN (Chief Business Reporter)

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DUBAI — DP World, on target to achieve 40 per cent growth in four years, will spend up to $3 billion to boost container traffic at the 52 port terminals it currently operates around the globe.

Sultan Ahmed bin Sulayem, Chairman of the world's third largest port operator, said the new investments would be used to expand cargo handling facilities and new equipment at the existing ports spread across 30 countries —currently boasting a combined annual throughput of more than 50 million TEUs.

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 yesterday 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.

"We are happy with the rate of growth we achieved. We have grown as one of the largest companies in the world. Our target is 40 per cent growth in four years," he said.

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DPW knows more about capitalism than our Congressmorons. It operates around the world and is involved in shipments to the U.S., whether the demagogues here like it or not.