Qingdao could see new investments from Dubai World

Dubai: Dubai World, which manages a container terminal in Qingdao, said it is looking for new investment opportunities in the Chinese city.

Dubai World Chairman Sultan Ahmad Bin Sulayem on Friday met Qingdao mayor Xia Gang and held discussions about boosting economic links.

He was in China to review the holding company's various projects in the region and to study the possibilities of new investments.

DP World, the marine terminal operator of Dubai World, already runs the Qingdao Qianwan Container Terminal. It is one of five terminals DP World operates in China.

"This is an important meeting for Dubai World because Qingdao is a crucial investment base for us. Moreover, the port city is one of the most important trade gateways into China, our major investment focus area," Bin Sulayem said in a statement.

The Qingdao terminal, third largest in China, handles over six million TEUs (twenty foot equivalent container units) annually.

Its development of Phase VI at Qingdao is one of DP World's 13 new terminal projects worldwide.

Dubai World is looking for projects in the areas of real estate development, port services, ship-building, leisure boat piers, financial services and tourism.

The Qingdao mayor had visited Dubai World in June last year, leading a 14-member delegation. His talks with Bin Sulayem and other senior Dubai World officials centred around the growing investment interest the group has in the port city.

"Bin Sulayem's latest visit underlines the strategic plans Dubai World has made through its subsidiary companies, such as Limitless to make use of China's ever-growing economic potential and investment possibilities," Dubai World said.

Non-oil trade between Dubai and China increased 47 per cent in 2007, according to figures released by Dubai World's Statistics Department.

The figures showed that the increase in total trade value was from Dh48.4 billion in 2006 to Dh71.2 billion in 2007. The study also noted that China came second in the list of Dubai's top trading partners in 2007 for the third consecutive year.