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*[http://www.vicasting.com/Contents.aspx?pid=1446 President's Weekly Radio Address]
*[http://www.vicasting.com/Contents.aspx?pid=1446 President's Weekly Radio Address]
*[http://english.alarabonline.org/display.asp?fname=2006%5C05%5C05-05%5Czbusinessz%5C979.htm&dismode=x&ts=05/05/2006%2009:41:10%20%C3%95 Dubai Ports World eyes Gwadar in Pakistan]
*[http://english.alarabonline.org/display.asp?fname=2006%5C05%5C05-05%5Czbusinessz%5C979.htm&dismode=x&ts=05/05/2006%2009:41:10%20%C3%95 Dubai Ports World eyes Gwadar in Pakistan]
[http://www.dpworld.be DP World Antwerp]
[http://www.dpworldjobs.be Werken bij DP World Antwerp?]


{{P&O}}
{{P&O}}

Revision as of 14:22, 15 December 2010

24°59′N 55°05′E / 24.983°N 55.083°E / 24.983; 55.083

DP World
Company typePublic (NASDAQ Dubai: DPW)
IndustryTransport
Founded2005
HeadquartersDubai, United Arab Emirates
Key people
Mohammed Sharaf (CEO)
Anil Wats (COO)
Vijay Sharma (Finance)
ProductsFerries, port services, logistics services
RevenueIncrease $- USD
Number of employees
30000
Websitewww.dpworld.com

DP World is a major operator of marine ports with 49 terminals in operation and a further 12 under development handling 46.8 million TEU in 2008. It employs 30,000 people, operates in 31 countries and expects to double capacity in 10 years with development projects in India, China and the Middle East. A majority of the company is owned by Dubai World.

The company was founded in 2005 by merging Dubai Ports Authority and Dubai Ports International (which had been founded in 1999). It purchased Peninsular and Oriental Steam Navigation Company (P&O) of the United Kingdom in 2006 for £3.9 billion ($7 billion), which was at the time the world's fourth largest ports operator. Shares representing 23% of the company were floated on the NASDAQ Dubai stock exchange in 2007. The company does not currently operate in the United States where its purchase of a number US ports led to high level controversy.

History

DP World was created in 2005 by a merger between the Dubai Ports Authority (DPA) and an Dubai Ports International (DPI) which had been founded in 1999.[1] It purchased CSX World Terminals (CSX WT) in 2005 and the Peninsular and Oriental Steam Navigation Company (P&O) in March 2006. P&O was the fourth largest ports operator in the world and was acquired for £3.9 billion ($7 billion).

The ownership of various US ports by DP World (which had been acquired as part of the P&O deal) was seen as highly controversial by many in the US even though it was supported by the US president of the time (George W. Bush); the US ports were sold shortly afterwards.

In June 2007 the company raised $3.25 billion in Islamic and conventional bond sales to refinance existing debt and fund expansion[2] and issued 3.818 billion shares, representing 23% of the company on the NASDAQ Dubai stock exchange in November 2007 in what was the Middle East's largest initial public offering (IPO) which raised 4.96 billion dollars.[3]

By 2008 the company was handing 46.8 million TEU worldwide, up 8% on 2007, with expansion and development projects in India, China and the Middle East and elsewhere. Capacity was expected to rise to around 95 million TEU over the next ten years.[1]

In December 2009 Moody's downgraded DP World's financial status to 'junk' after the Dubai 2009 debt standstill.[4]

In January 2010, the company announced its intention to seek a share listing on the London Stock Exchange in the second quarter of 2010[5] and was given the go-ahead for construction of the £1.5b London Gateway port.[6] Work on port started in February 2010.[7]

Port security controversy

Main article: Dubai Ports World controversy

P&O operated major U.S. port facilities in New York, New Jersey, Philadelphia, Baltimore, New Orleans, and Miami. After the deal was secured, the arrangement was reviewed by the Committee on Foreign Investment in the United States headed by the U.S. Treasury Department and including the Departments of State, Commerce, and Homeland Security. It was given the green light, but soon after, both Democratic and Republican members of Congress expressed concern over the potential negative impact the deal would have on port security.

On 22 February 2006, President George W. Bush threatened to veto any legislation passed by Congress to block the deal, which would be the first time in his presidency he would exercise the privilege. In a statement to reporters, Bush claimed, "It would send a terrible signal to friends and allies not to let this transaction go through."[8] On 23 February 2006, DP World volunteered to postpone its takeover of significant operations at the seaports and on 9 March 2006, is said that it would transfer its operations of American ports to a "U.S. entity".[9]

The United States House of Representatives held a vote on 16 March 2006 on legislation that would have blocked the DP World deal, with 348 members voting for blocking the deal, and 71 voting against.[10] DPs World later sold P&O's American operations to American International Group's asset management division, Global Investment Group for an undisclosed sum.[11]

Gwadar Port

Chairman of DP World, Sultan Ahmed bin Sulayem, who met President Pervez Musharraf on 5 May 2006, expressed an interest for management of facilities at Gwadar deep sea port and development of infrastructure in the southern port city and elsewhere in Pakistan.[citation needed] Gwadar was subsequently awarded to PSA, (Port of Singapore Authority) who now manages the facility.

Locations of DP World's operations

Map of the DPWorld terminals:
  container terminals

  terminals in development

DP World operates 49 terminals with 12 new developments across 31 countries and employs 30,000 people[12] The company additionally has logistics offices in London and the UAE.[citation needed]

Africa

Americas

Asia

Europe

Oceania

References

  1. ^ a b "About DP World - History". Retrieved 2009-12-09.
  2. ^ "DP World raises $3.25b from two bond issues". Gulf News. Retrieved 2009-12-09.
  3. ^ "Investor Centre". DP World. Retrieved 2009-12-08.
  4. ^ Moya, Elena (2009-12-08). "Six Dubai companies downgraded to junk status". The Guardian. London. Retrieved 2009-12-08.
  5. ^ "DP World to seek London listing". BBC News. 6 January 2010. Retrieved 7 January 2010.
  6. ^ Lea, Robert (2010-01-06). "DP World on course to dock in the FTSE 100". The Times. London. Retrieved 2010-02-11.
  7. ^ "London Gateway port, Essex". Local Transport Today. Retrieved 2010-02-11.
  8. ^ "Bush threatens veto in ports row". BBC News. 2006-02-22. Retrieved 2010-05-01.
  9. ^ http://portal.pohub.com/pls/pogprtl/docs/PAGE/POGROUP_PAGE_GROUP/PO%20GROUP%20NEWS%202006%20PAGE/SALE%20OF%20POPNA-15%20MARCH.PDF
  10. ^ http://www.govtrack.us/congress/vote.xpd?vote=h2006-65
  11. ^ King Jr., N. (2006-12-11). "Dubai Ports World Sells U.S. Assets". The Wall Street Journal. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  12. ^ "Overview". DP World. Retrieved 2009-12-08.
  13. ^ "Marine Terminals - New Developments - Djibouti". DP World. Retrieved 2008-03-22.
  14. ^ "Marine Terminals - Djibouti". DP World. Retrieved 2008-03-22.
  15. ^ "Marine Terminals - Mozambique". DP World. Retrieved 2008-03-22.
  16. ^ a b "Marine Terminals - New Developments - Senegal". DP World. Retrieved 2008-03-22.
  17. ^ "Marine Terminals - Argentina". DP World. Retrieved 2008-03-22.
  18. ^ "Marine Terminals - Canada". DP World. Retrieved 2008-03-22.
  19. ^ "Marine Terminals - Dominican Republic". DP World. Retrieved 2008-03-22.
  20. ^ "Marine Terminals - New Developments - Peru". DP World. Retrieved 2008-03-22.
  21. ^ "Marine Terminals - Venezuela". DP World. Retrieved 2008-03-22.
  22. ^ "Marine Terminals - Hong Kong - ATL". DP World. Retrieved 2008-03-22.
  23. ^ "Marine Terminals - Hong Kong - CT3". DP World. Retrieved 2008-03-22.
  24. ^ "Marine Terminals - Hong Kong - ACT". DP World. Retrieved 2008-03-22.
  25. ^ "Marine Terminals - China - Qiangdao". DP World. Retrieved 2008-03-22.
  26. ^ "Marine Terminals - New Developments - China". DP World. Retrieved 2008-03-22.
  27. ^ "Marine Terminals - China - Shanghai Ji Fa". DP World. Retrieved 2008-03-22.
  28. ^ "Marine Terminals - China - ATL Yantian". DP World. Retrieved 2008-03-22.
  29. ^ "Marine Terminals - China - Tianjin". DP World. Retrieved 2008-03-22.
  30. ^ "Marine Terminals - China - Yantai". DP World. Retrieved 2008-03-22.
  31. ^ "Marine Terminals - India - Chennai". DP World. Retrieved 2008-03-22.
  32. ^ "Marine Terminals - India - Cochin". DP World. Retrieved 2008-03-22.
  33. ^ "Marine Terminals - New Developments - India - Vallarpadam". DP World. Retrieved 2008-03-22.
  34. ^ "Marine Terminals - New Developments - Kulpi". DP World. Retrieved 2008-03-22.
  35. ^ "Marine Terminals - India - Mundra". DP World. Retrieved 2010-08-18.
  36. ^ "Marine Terminals - India - Nhava Sheva". DP World. Retrieved 2008-03-22.
  37. ^ "Marine Terminals - India - Visakhapatnam". DP World. Retrieved 2008-03-22.
  38. ^ "Marine Terminals - Pakistan". DP World. Retrieved 2008-03-22.
  39. ^ "Marine Terminals - New Developments - Pakistan". DP World. Retrieved 2008-03-22.
  40. ^ "Marine Terminals - Russia". DP World. Retrieved 2008-03-22.
  41. ^ "Marine Terminals - Saudi Arabia". DP World. Retrieved 2008-03-22.
  42. ^ "Marine Terminals - South Korea". DP World. Retrieved 2008-03-22.
  43. ^ "Marine Terminals - New Developments - Turkey". DP World. Retrieved 2008-03-22.
  44. ^ "Marine Terminals - New Developments - Vietnam". DP World. Retrieved 2008-03-22.
  45. ^ "Marine Terminals - New Developments - Abu Dhabi - Mina Zayed". DP World. Retrieved 2008-03-22.
  46. ^ "Marine Terminals - New Developments - Abu Dhabi - Port Khalifa". DP World. Retrieved 2008-03-22.
  47. ^ "Marine Terminals - Dubai - Jebel Ali". DP World. Retrieved 2008-03-22.
  48. ^ "Marine Terminals - Dubai - Port Rashid". DP World. Retrieved 2008-03-22.
  49. ^ "Marine Terminals - Fujairah". DP World. Retrieved 2008-03-22.
  50. ^ "Marine Terminals - Belgium - Antwerp". DP World. Retrieved 2008-03-22.
  51. ^ "Marine Terminals - Belgium - Churchill Dock". DP World. Retrieved 2008-03-22.
  52. ^ "Marine Terminals - France - Le Havre". DP World. Retrieved 2008-03-22.
  53. ^ "Marine Terminals - France - Marseille". DP World. Retrieved 2008-03-22.
  54. ^ "Marine Terminals - France- Fos". DP World. Retrieved 2008-03-22.
  55. ^ "Marine Terminals - Germany". DP World. Retrieved 2008-03-22.
  56. ^ "Marine Terminals - Netherlands". DP World. Retrieved 2008-03-22.
  57. ^ "Marine Terminals - Romania". DP World. Retrieved 2008-03-22.
  58. ^ "Marine Terminals - United Kingdom - London Gateway". DP World. Retrieved 2008-03-22.
  59. ^ "Marine Terminals - United Kingdom - Southampton". DP World. Retrieved 2008-03-22.
  60. ^ "Marine Terminals - United Kingdom - Tilbury". DP World. Retrieved 2008-03-22.
  61. ^ "Marine Terminals - Australia - Adelaide". DP World. Retrieved 2008-03-22.
  62. ^ "Marine Terminals - Australia - Brisbane". DP World. Retrieved 2008-03-22.
  63. ^ "Marine Terminals - Australia - Fremantle". DP World. Retrieved 2008-03-22.
  64. ^ "Marine Terminals - Australia - Melbourne". DP World. Retrieved 2008-03-22.
  65. ^ "Marine Terminals - Australia - Sydney". DP World. Retrieved 2008-03-22.

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