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Old September 8th, 2006, 05:11 AM   #1
Hed_Kandi
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DUBAILAND ... VANCOUVER --- Hundreds of Millions of dollars to be invested !

Hundreds of millions for Vancouver
Arab company plans to develop hotels, marinas, condos and villas


Ashley Ford and Ethan Baron
The Province

Thursday, September 07, 2006

Sultan Ahmed Bin Sulayem, chairman of Dubai World, was in Vancouver yesterday for the grand opening of the company's expanded container facility at the foot of Main Street.

He said his company will send teams of people in the next few weeks to scout out opportunities to invest "hundreds of millions" of dollars in the development of hotels, marinas, condos and "villas."

"This place is very beautiful, its water, its mountains," said Bin Sulayem, 51. "Things that we have done in Dubai could be done here.

"We are both on the sea. Commerce is very important to us, as it is here. You have a very large Asian community here, same as Dubai.

"We have confidence in Vancouver and its investment climate. I believe Vancouver is a good place in which to invest."

Dubai World is the parent company of Dubai Ports World, whose $200-million investment in Vancouver's Centerm Container Terminal boosted its capacity from 360,000 containers per year to 800,000. DP World will continue to expand Centerm, spending more than $200 million to push capacity to 1.2 million containers a year.
The company also plans to develop warehousing and distribution operations to support Centerm.

State-owned DP World acquired Centerm as part of its $6.8-billion-US takeover of Britain's P&O Group in March. That takeover included operations at six major U.S. ports, including New York and Baltimore. The purchase sparked a political storm in the U.S. over post-9/11 fears about a Middle Eastern owner controlling key shipping sites.

Democratic Sen. Chuck Schumer said: "The question that needs to be answered is whether or not they [DP World] can be trusted to operate our ports in this post-9/11 world. Should we be outsourcing our own security?" DP World eventually bowed to pressure from Congress and announced it would shed its U.S. operations.

"We are businesspeople," Bin Sulayem said yesterday. "We decided to sell and do our business somewhere else."

Canada had no qualms about welcoming DP World's business. Colin Kenny, chairman of the Senate's committee on national defence, told reporters "the folks in Dubai certainly are good allies."

B.C. Transportation Minister Kevin Falcon, on hand for the Centerm opening yesterday, said Dubai World has operated around the globe for many years with "a record of confidence and professionalism and, thankfully, hands-off oversight of their operations."

Bin Sulayem is held in high regard worldwide as a financier, he said.

"I'm very, very comfortable with his investment in this country. We're very excited about the investment, and we're very excited about the confidence that Sultan Bin Sulayem is showing in Canada, and in British Columbia in particular."

DP World is the only transport and logistics company in the world to win certification to an international standard for security-management systems and operations from Lloyds Register Quality Assurance.

It now has a worldwide network of 51 terminals in 24 countries and five continents and has the capacity of moving a staggering 50 million containers annually.

Bin Sulayem also suggested his company would pursue other port-related investment. "Vancouver has considerable potential as a gateway terminal to Canada and also the U.S.," he said. "But more importantly, Vancouver is a destination port in itself, and we see demand for quality marine-terminal services. It will be easier for us in Vancouver because we are already here."



CREDIT: Arlen Redekop, The Province

Sultan Ahmed Bin Sulayem, chairman of Dubai World, announces at the Centerm Container Terminal in Vancouver yesterday that his company is putting millions of dollars into expanding the terminal.
A Middle Eastern company spurned by the United States is about to launch a Lower Mainland shopping spree worth hundreds of millions of dollars after investing $200 million in Vancouver's port.

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Tell us by e-mail at [email protected], or by fax at 604-605-2223. Please include your name and address.

� The Vancouver Province 2006

Last edited by Hed_Kandi; September 8th, 2006 at 05:19 AM.
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Old September 8th, 2006, 05:21 AM   #2
kashyap3
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we should do the same as the americans did

this arab tycoon can go blow off his money elsewhere trying to monopolize canada's largest port
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Old September 8th, 2006, 05:25 AM   #3
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Quote:
Originally Posted by kashyap3
we should do the same as the americans did

this arab tycoon can go blow off his money elsewhere trying to monopolize canada's largest port

I want Burj Dubai Vancouver !
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Old September 8th, 2006, 05:33 AM   #4
Waterloo_Guy
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Quote:
Originally Posted by kashyap3
we should do the same as the americans did

this arab tycoon can go blow off his money elsewhere trying to monopolize canada's largest port
What the hell is your problem? This guy wants to invest a foutune in Vancouver and you would blow him off because you don't like where he comes from?
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Old September 8th, 2006, 05:42 AM   #5
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kashyap has always posted negative crap about Dubai which really doesnt make any sense most of the time. Ignore him.
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Old September 8th, 2006, 06:13 AM   #6
Effer
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This is excellent news for Vancouver!
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Old September 8th, 2006, 06:29 AM   #7
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I think it would be great to have a Dubaian presence in B.C.

I love the post-modern architecture of Dubai; it is awe-inspiring! It would be wonderful if they invested in the construction of towers in Vancouver!

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Old September 8th, 2006, 06:37 AM   #8
Bond James Bond
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I want a skyscraper that looks like a fir tree!
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Old September 8th, 2006, 06:49 AM   #9
Khanrak
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DP World invests huuuuuugeee sums of money wherever they operate a port. I wish Sen's. Schumer and Clinton of New York would shut up and quit pandering to American insecurities for votes. I'm a Liberal through and through, but even I know that what those two did was a low blow for votes, racist, and downright stupid... If only my fellow countrymen would have sided with sanity...

Anyways good news for Vancouver
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Old September 10th, 2006, 01:29 AM   #10
dubaiflo
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oooops i wonder if the canadians are more reasonable than the US people and will accept Arab investment...
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Old September 10th, 2006, 01:56 AM   #11
Zaki
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this is really reat news for Vancouver if it moves through. It would have been nice to see something like this for TO too.
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Old September 10th, 2006, 02:44 AM   #12
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Quote:
Originally Posted by kashyap3
we should do the same as the americans did

this arab tycoon can go blow off his money elsewhere trying to monopolize canada's largest port

erm, No

I think the majority of Canadians will disagree with you here.


Vancouver will hold the Winter olympics and now this!!, Awsome stuff!!.

Who in their right minds will say NO TO MILLIONS OF INVESTMENT??
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Old September 10th, 2006, 04:04 AM   #13
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This really is awesome news.
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Old September 10th, 2006, 07:18 AM   #14
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Great news for Vancouver ...I agree, they need something like this in Toronto!
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Old September 10th, 2006, 07:35 AM   #15
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This may help bring some more skyscraper development to North America...

On all measures, this is great news!

Last edited by CHAPINM1; September 10th, 2006 at 07:42 AM.
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Old September 10th, 2006, 11:38 AM   #16
Max the Swede
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Interesting...hm..
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Old September 10th, 2006, 12:34 PM   #17
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surprising news!!!!

good for a beautiful city like Vancouver..
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Old September 10th, 2006, 02:01 PM   #18
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Just because they're looking for other investment oppotunities in Vancouver doesn't really mean they're gonna start building skyscrapers there.
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Old September 10th, 2006, 06:45 PM   #19
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thats amazing news for vancouver... and who cares if there from UAE
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Old September 10th, 2006, 07:20 PM   #20
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Quote:
Originally Posted by Sbz2ifc
Just because they're looking for other investment oppotunities in Vancouver doesn't really mean they're gonna start building skyscrapers there.
Read the article.
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