Top Dubai World officials hold talks with visiting Mayor of Qingdao

Mr Xia, who arrived on Tuesday on a two-day visit, was received by Mr. Sultan Ahmed bin Sulayem, Chairman Dubai World, at the Palm Jumeriah sales office on Wednesday (May 30).

Mr Bin Sulayem said: "Dubai World's partnership with Qingdao is central to our long-term investment outlook for China's ripe market. Our existing projects in Qingdao, as well as the ones under discussion, are indicative of our deep commitment to play a role in the overall development of China."

In recognition of the strategic business partnership between Qingdao and Dubai World, the Mayor, who is leading a 14-member delegation, bestowed upon Sultan Ahmed Bin Sulayem, Chairman, Dubai World, the honorary membership of Qindao People's Association for Friendship with Foreign Countries, and invited him to attend the sailing competitions Qingdao will host in 2008.

Earlier on Tuesday, Mr. Xia visited the corporate offices of Dubai World where he was received by Mr. Jamal Majid Bin Thaniah, Vice Chairman DP World and Group CEO, Ports and Free Zones World.

The talks were attended by Mohammed Sharaf, CEO, DP World, Saeed Ahmed Saeed, CEO, Limitless, Anil Wats, COO, DP World, and other senior officials from both sides.

The Mayor of Qingdao, Xia Geng, said: "Our relations with Dubai World are unique and vital to the long term development of Qingdao, China's third largest port city. Our inherent confidence in the capabilities of Dubai World group of companies is further boosted by the path-breaking developmental projects they have undertaken here in Dubai."

Jamal Majid Bin Thaniah said at the meeting: "China offers huge growth and expansion opportunities for our numerous and capable subsidiaries. What Dubai World offers matches the requirements of the dynamic Chinese economy. We have the unique ability to contribute to diverse fields of development such as infrastructure, ports and logistics, special economic zones, real estate, and hospitality."

Qingdao, located in the Shandong Province in Eastern China, is home to the country's third largest container port which handles in excess of 6 million TEU annually. DP World is currently developing a greenfield port terminal that is expected to increase the port's capacity by more than two million TEU when operations commence by 2008/09.

The agreement between Dubai World and Qingdao addresses economic co-operation in areas including real estate development, port services, ship-building, leisure boat piers, financial services and tourism.

Another Dubai World subsidiary, Limitless, is negotiating a major project in Qingdao, hoping to tap the unprecedented demand for mixed-use urban developments.

China has seen a 20 per cent annual growth in real estate over the last decade. More than 750 cities will be built there over the next 15 years, and there are currently more than 2,500 projects - including waterfront developments, industrial free zones, techo cities and tourism projects - underway or in the pipeline.

The Qingdao port will complement DP World's existing presence in the Chinese ports of Tianjin and Yantai. The terminals operated by DP World this year will handle an estimated 12.5 million TEU which include ports from the Americas to Asia.

Located in the Yellow River basin and on the western Pacific Rim, the Port of Qingdao is an important hub of international trade and sea-going transportation.

Being a natural deepwater port, free of silt and freezing, the port has established trade relations with over 450 ports in more than 130 countries and areas.