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the largest port operator of the United Arab Emirates can spend billions to port IPO
the Largest port operator of Persian gulf - dubajskaja company DP World is ready to spend next month IPO and to involve 3,5 mlrd dollars Yesterday about it has reported Bloomberg. According to analysts, this step will help emiratu Dubai with struggle for a rank of financial capital of region, and also will push other large companies of the Gulf to carrying out IPO on exchange platforms of the United Arab Emirates, Bahrain, Kuwait, Oman and Saudi Arabia.
under control to the government emirata Dubai company Dubai Ports World (DP World) has been formed in September, 2005 by merge of port operators Dubai Ports Authority and Dubai Ports International. Now the company, the third in the sizes the port operator in the world, supervises 19 largest sea terminals in the countries of Asia, Europe, Northern and the South America. Company cost (taking into account attraction 3,5 mlrd dollars) Makes nearby 10,5 mlrd dollars
According to Bloomberg, DP World intend to expose on sale of 33 % of actions, however, at the office of the company daily have not confirmed, but also have not denied possibility of public placing of actions. If actions nevertheless are exposed on sale, IPO becomes the second for volumes of the involved means in region (on the first place is Saudi Saudi Telecom Co., spent in 2003 IPO in 4,1 mlrd dollars) . Moreover, there is a probability that actions will be on sale not only at the Dubajsky international financial stock exchange, but also on London LSE (DP World now gets 28 % of actions LSE). For end of the transaction with LSE it is necessary to receive the consent of the sheikh emirata Dubai Mohammed ben Rashida Al Maktuma.
purchase in 2006 of British company Peninsular and Oriental Steam Navigation Company (P &O), the fourth at that point in time on the size of the port operator in the world became One of the largest acquisitions of the company. It is remarkable that the transaction in 3,9 mlrd pounds sterling has caused fears in the congress of the USA as P &O owned seven ports in territory of States. “ to give to Arabs control over our ports? “ - were indignant then congressmen, and after have compelled Dubai to sell the American actives to the largest insurer of the USA of company AIG. In the article “ Oil, ports and a steel. Symptoms of global instability “ The professor of the Center of a security policy in Geneva Grem Herd explains: “ the Paranoia round offer DP World distinctly specifies: Europeans and Americans feel the increasing discomfort from globalisation “. As he said, having refused to the United Arab Emirates acquisition of ports of the USA, Washington breaks base rules of liberal trade. In the future the similar protectionism can lead to that “ the states will unite in blocks, trying to protect itself from encroachments on national economic independence “ that can bury in general principles of the western model of liberal trade.
the interdiction from the USA has compelled DP World to search for alternative ways of expansion. The company has counted on development of port business in the countries of Asia, mainly in China and India. Management DP World carries on also negotiations for possibility of building of the new terminal in strategically important Pakistan port Gvadar. Everything, according to the chairman of the board of the company Mohammed Sharafa, for next five years DP World plans to invest for development of new projects 3,5 mlrd dollars
Analysts do not exclude that in case of IPO DP World at the Dubajsky stock exchange it will be possible to expect boom. “ if in the footsteps of DP World will go also Emirates Airlines that is quite possible, Dubai can realise in due course the ambitions and to become the financial centre of region. While the United Arab Emirates elementary there are no experts and experience, and in it acquisition of actions NASDAQ and LSE " urged to help them; - has noted daily a source close to Borse Dubai.