A Dubai World unit plans to buy 60% of a Chinese drydock for US$55 million as it expands overseas to diversify its revenue sources, the firm's Chairman said in remarks published on Saturday.
Sultan Bin Sulayem told Emirates Business he wanted Dubai Drydocks World to depend less on the Gulf Arab Emirate for profit by investing in acquisitions abroad. He named the Chinese drydock as Top Niche.
Bin Sulayem said the global financial crisis has not affected the firm's businesses or investment plans and it is negotiating to buy companies in India, Thailand and Vietnam.
"I believe this crisis creates further opportunities for investments," he said. "We have enough financing for all our current projects."
Sultan Bin Sulayem told Emirates Business he wanted Dubai Drydocks World to depend less on the Gulf Arab Emirate for profit by investing in acquisitions abroad. He named the Chinese drydock as Top Niche.
Bin Sulayem said the global financial crisis has not affected the firm's businesses or investment plans and it is negotiating to buy companies in India, Thailand and Vietnam.
"I believe this crisis creates further opportunities for investments," he said. "We have enough financing for all our current projects."