Dubai World To Carry Out Major Investment In Eygptian Port

by Lorys Charalambous, Tax-News.com, Cyprus

20 July 2006

Dubai World, the recently launched holding company comprising several government-owned entities, is investing some $8.7 billion in Egypt to develop the country's ports and industrial infrastructure.

According to reports in the region's media, almost half of the investment is to be used in the development of a container and associated infrastructure at Eastern Port Said, with the remainder to be spent on improving facilities for container ships passing through the Suez Canal.

Talks between the relevant authorities of Dubai and Egypt have reportedly been under way for about two months, and Mahmoud Atta Allah, deputy chairman of Egyptian Investment Authority, stated according to the Emirate News Agency that the authority will soon conclude its negotiations with DP World, Dubai's global port operator, on developing Eastern Port Said.

Dubai World was launched in March 2006 as a result of an official decree by Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai, UAE Vice President and Prime Minister. It is one of the world's largest holding companies and includes development, investment, marine services, commodities and ports and free zone divisions.

Companies under the Dubai World umbrella include DP World, P&O, Jafza, Dubai Drydocks, Maritime City, Dubai Multi Commodities Centre, Kerzner, One & Only, Atlantis, Island Global Yachting, Limitless, Nakheel, Istithmar, Inchcape Shipping Services, Tejari, Technopark and Tamweel.

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