October 18, 2008
Drydocks World to take 60% stake in Chinese shipyard
The Southeast Asian operations of Dubai Drydocks World (DD World), the ship repair, conversion and building subsidiary of Dubai World, are likely to record a 22 per cent rise in revenue this year, a top company official told Khaleej Times on Friday.
Khaleej Times also reports that DD World has agreed to acquire a 60 percent stake in shipyard in China for $55 million. The acquisition will be a joint venture, with Singapore-based Topniche Associates owning the remaining 40 per cent of the shipyard, which is located in the Yangtze River delta. The deal is likely to be finalized by year-end.