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Dubai World, CITIC Guoan Group chief discuss business co-operation
Source: BI-ME , Author: Moussa Ahmad
Posted: Sun October 19, 2008 12:00 am

UAE. HE Sultan Ahmed Bin Sulayem, Chairman of Dubai World, one of the largest holding companies in the world, met in Beijing on Monday  Li Shilin, prominent businessman and Chairman of CITIC Guoan Group, a multi-sector conglomerate engaged in industrial investment and economic development in diversified fields. The two corporate leaders discussed a wide range of investment-related topics, including potentials for future projects and possibilities for working together.

The meeting was held at the spectacular Grand Epoch City in Xianghe, close to Beijing, the CITIC Guoan Group’s flagship international conference and exhibition centre complex. Bin Sulayem took a tour of the massive project, which is also major tourist attraction that includes six different styles of high-end hotels, the Golden Arts Hall, the Buddhism Museum, a Golf Garden, an indoor water park and shopping places.

The discussions underlined Dubai World’s keenness to sustain the momentum of economic co-operation between Dubai and China. Bin Sulayem and Shilin expressed happiness over the increasing trade and investment flow between the two countries. “It was a fruitful meeting,” Dubai World Chairman said. “The discussions and the tour of the Grand Epoch City gave me another ringside view of the strides China has made in economic development. It runs close to what Dubai has achieved in different areas, where Dubai World has been playing a major role,” Bin Sulayem said.

Dubai World has a strong investment presence in China, led by DP World’s port operations. Istithmar World, the group’s private equity and alternative investment house, and Limitless, its global real estate master developer, have offices in Shanghai.

Non-oil trade between Dubai and China, steadily increasing over the years, soared to a 47% high in 2007, according to figures released by Dubai World’s Statistics Department. The increase in total trade value was from AED 48.4 billion in 2006 to AED 71.2 billion in 2007. China came second in the list of Dubai’s top trading partners in 2007 for the third consecutive year.

CITIC Guoan Group, a wholly-owned subsidiary of CITIC, is a comprehensive conglomerate operating in diversified areas, such as network information services, satellite communications, information network construction, hi-tech research and development, mining, real estate development. The group is also engaged in international trading, advertisement, tourism and football-related business. CITIC Guoan Group owns the Beijing Guoan Football Club, one of the most powerful football teams in China. The group is a member of APEC China Enterprises' Assembly.

Dubai World, Dubai's flag bearer in global investments, operates a highly diversified spectrum of industrial segments and plays a major role in the emirate's rapid economic growth.  Its primary aim is to play the role of a growth engine that powers development both locally and internationally. Dubai World's investment spans five strategic growth areas of 21st century commerce namely Transport & Logistics, Drydocks & Maritime, Urban Development, Investment & Financial Services and Energy and Natural Resources. The company's business strategy is driven by a combination of pragmatic acquisitions and prudent investments, designed to deliver real, measurable results to all its stakeholders.

 

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