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Marine Log

April 12, 2007

Dubai consolidates shipyard operations

Dubai World has announced the establishment of Dubai Drydocks World (DD World) to consolidate the dry docks and maritime sector of the organization.

Dubai World is the holding company that manages and supervises the Dubai Government's portfolio of businesses and projects--including, of course, port operator DP World.

DD World will comprise four principal companies -- Dubai Drydocks, Al Jadaf Shipyard, Platinum Yachts FZ and Platinum Yacht Management. All of these business units have aligned activities, which involve ship repair, conversion and ship building.

Welcoming the integration process, Dubai World Chairman, H.E Sultan Ahmed Bin Sulayem, said:

"The move to establish Dubai Drydocks World is aimed at facilitating group strategy, policy and financial and operational control of business units that have aligned activities. It is a response to the increasing worldwide demand for high quality shipping and maritime services. We are confident DD World will be a dominant player in the international market in the near future."

Geoff Taylor, CEO, Dubai Drydocks, said:

"The four business units involved in this integration process supplement and complement each other to form an extremely powerful package with diverse yet complementary areas of expertise. Over the next two years the group will complete a number of expansion projects which will establish DD World as a global brand in the worldwide ship repair, conversion and new building market."

Dubai Drydocks has been operating since 1983 and has grown into a world leader in the ship repair and conversion business.

Following the completion of an $ 81 million expansion project, it is also establishing itself as a major ship builder. The company employs over 8,500 skilled workers.

Jadaf Shipyard has been operating since the late 70's and provides services within the region to the smaller vessel owners. The relocation of Jadaf to Dubai Maritime City, and its new association with Dubai Drydocks World, will see itse business activities grow to become a significant arm of the group.

The new Jadaf facility will have a 6,000 and 3,000 tonne shiplift for general ship repair activity and a 700 tonne vessel lifter to support the yacht building and manufacturing businesses.

Platinum Yachts FZ is a fledgling company targeting the super yacht conversion and refurbishment business and may also grow into yacht building. Having completed its first world-class super yacht, Platinum Yachts now has a number of projects in hand and says it is set to become a major regional and international player in its market.

The decision to establish Dubai Drydocks World is a reflection of the ambitions to expand the group both regionally and internationally with partnerships, acquisitions and management contracts.