March 10, 2006
Dubai-owned Inchape attracts media attention
As the row over the DP World deal starts to quieten, TIME magazine has drawn attention to what it calls "The Dubai Deal You Don't Know About."
P&O is not the only old line British company now owned by a Dubai company. Inchcape Shipping Services (ISS) was acquired by Istithmar, an investment firm that the BBC says is ultimately owned by the Dubai royal family, for $285 million in January.
Sultan Ahmed Bin Sulayem, is the Chairman of the Board of Istithmar. He is also the Executive Chairman for the Dubai Ports, Customs and Free Zone Corporation--and Chairman of DP World.
ISS has been active in multiple U.S. ports for many years.
"ISS arranges pilots, tugs and dock workers for shipping companies and works with the US Customs to ensure the smooth arrival and departure of vessels at ports such as New York, New Jersey and San Francisco," notes the BBC.
Last June, reports Time, the U.S. Navy awarded ISS a $50 million contract to be the husbanding agent for vessels in most Southwest Asia ports, including those in the Middle East.