Dubai World Chairman meets Qingdao Mayor

The meeting is part of Mr. Bin Sulayem's visit to China to review the holding company's various projects in the region and to study the possibilities of new investments.

During the meeting with Mr. Xia Gang, Mr. Bin Sulayem highlighted the strong economic ties between Dubai and Qingdao in particular and China in general.

DP World, the flagship marine terminal operator of Dubai World, is running the Qingdao Qianwan Container Terminal.

Coming soon after the recent state visit of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to China, the Dubai World Chairman's visit is significant as the group is zeroing in on the rapidly growing Chinese market where it already has a strong footing.

"This is an important meeting for Dubai World because Qingdao is a crucial investment base for us. DP World is operating one of the key terminals here. Moreover, the port city is one of the most important trade gateways into China, our major investment focus area. We share very strong economic ties with this city and I am confident the meeting with HE Xia Gang will pave the way for further boosting this partnership," Mr. Bin Sulayem said.

The Qingdao Qianwan Container Terminal is one of five terminals DP World operates in China. The Qingdao terminal, third largest in China, handles over six million TEUs (twenty foot equivalent container units) annually.

Its development of Phase VI at Qingdao is one of DP World's 13 new terminal projects worldwide.

Dubai World and Qingdao has deep-rooted economic co-operation in areas including real estate development, port services, ship-building, leisure boat piers, financial services and tourism.

Mr. Xia Gang had visited Dubai World in June last year, leading a 14-member delegation. His talks with Mr. Bin Sulayem and other senior Dubai World officials centred around the growing investment interest the Group has in the port city.

In recognition of this strategic partnership, Mr. Bin Sulayem was awarded the honorary membership of Qingdao People's Association for Friendship with Foreign Countries. He was also invited to attend the sailing competitions Qingdao this year.

Mr. Bin Sulayem's latest visit underlines the strategic plans Dubai World has made through its subsidiary companies, such as Limitless to make use of China's ever-growing economic potential and investment possibilities.

Non-oil trade between Dubai and China soared to a 47% high in 2007, according to figures released by Dubai World's Statistics Department.

The figures showed that the increase in total trade value was from Dhs48.4bn (around $13.18bn) in 2006 to Dhs71.2bn (around $19.4bn) in 2007.

The department study also noted that China came second in the list of Dubai's top trading partners in 2007 for the third consecutive year.

Apart from Qingdao, DP World currently operates ACT and CT3 in Hong Kong, DP World Yantai and Tianjin Orient Container Terminals.

ACT won the Best Container Terminal - Asia under 4m TEUs per annum award in the Asia Freight & Supply Chain Awards for the first time this year, while CT3 was rated the best terminal in the under-4 million TEU category in 2007.