Dubai: Dubai World has consolidated its drydocks and maritime business by bringing Dubai Drydocks, Al Jadaf Shipyard, Platinum Yachts FZ and Platinum Yacht Management under a single umbrella - Dubai Drydocks World (DD World), a statement said.
"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," the statement said.
Dubai World, which runs DP World, the world's third largest port operator, yesterday announced the establishment of Dubai Drydocks World (DD World) to consolidate the dry docks and maritime sector of the organisation. All of these business units have aligned activities, which involve ship repair, conversion and ship building.
"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," Dubai World chairman Sultan Ahmad Bin Sulayem, said in a statement
Dubai Drydocks, a Dubai government-owned entity, has been operating since 1983 and has grown from humble beginnings into a world leader in the ship repair and conversion business.
Following the completion of a Dh300 million ($81 Million) expansion project, it is also establishing itself as a major ship builder.
The company employs over 8,500 skilled artisans and is well respected within the maritime industry for providing a service, which fully meets the clients' requirements.