Dubai World eyes investment possibilities in Colombia

The Group Chairman, HE Sultan Ahmed bin Sulayem, met HE President Alvaro Uribe in Bogota during his recent visit to the country and discussed the growing economic ties between Dubai and Colombia.

Mr. Bin Sulayem reflected upon the rich natural beauty of Colombia and the promising opportunities available in the country.

President Uribe welcomed Dubai World's interest in the country's market, and invited Mr. Bin Sulayem to return later this year to tour the various key locations there.

"We had a close look at the changing economic scene in Colombia," Mr. Bin Sulayem said. "President Uribe's response to our exploratory visit was encouraging. There is a strong willingness on the part of the Colombian government to reform the economy and attract foreign investors.

Dubai World is keen to make use of this positive atmosphere," he added.

Discussions in Bogota between Dubai World and the Colombian government centred around investment opportunities in various economic sectors, including ports, mining, tourism resorts, logistics, free zone and power generation. Possibilities of utilising Colombia's vast coal deposits were also looked into.

Direct non-oil trade between Dubai and Colombia has been impressive over the past three years and shows good potential for further growth. The total trade between the two economies amounted to AED31.34m in 2007, which includes import, export and re-export, according to Dubai World's Statistics Department.

The Colombian economy is largely dependant on its ports. The country's strategic position in South America bordering the North Pacific and its proximity to the US market are also crucial elements in its economy.

Dubai World's extensive experience in port and free zone development and management through its subsidiary companies DP World and Jafza International holds a potential for future investment in this area.

DP World already has a strong investment profile in South America. Last week it officially commenced construction of the new Callao marine terminal near Peru's capital Lima. DP World has been awarded a 30-year concession to build and operate the terminal.

The company also runs terminals in Cabello in Venezuela, Caucedo in Dominican Republic and Puerto Nuevo in Argentina's Buenos Aires.