Istithmar's buyout of Inchcape unaffected by port controversy

Dubai: The controversy over the purchase of six US ports by Dubai Ports World has not affected group firm Istithmar's purchase of Inchcape Shipping Services or its intention to invest in the US, a top official said.

David Jackson, Istithmar's chief investment officer, told a private equity industry meeting that the company will continue to make investment decisions based on commercial considerations and not political ones.

"We will see if America remains open to business from people in these parts of the world (Middle East)," Jackson said in response to a question on whether it would continue to seek investment opportunities in the US.

In January, Istithmar, one of several investment companies the Dubai government uses to buy foreign assets, completed the takeover of Inchcape Shipping Services (ISS), the world's largest independent marine management services provider.

Jackson said Istithmar's takeover of Inchcape had not been affected by the DP World controversy "at the moment".

Inchcape Shipping manages over 50,000 port calls each year through a network of 2,300 people located in 210 ports in over 50 countries. It has over 2,500 clients across the oil, cruise, navy, container and commodity sectors.

After the DP World controversy broke, the US has ordered an enquiry into the takeover by another Dubai company, Dubai International Capital, of a British engineering group, which makes precision engineered components for several industries including the US military.

Istithmar, which broadly targets the four sectors of financial services, real estate, consumer and industrial, bought Lodon office accomodation building One Trafalgar Square in October.