DDW takes control of PUM

Dubai Drydocks World, the global maritime arm of Dubai World, has, as of 10 July 2007, received acceptances of approximately 84.82% of Pan-United Marine Limited (PUM) shares, in connection with its voluntary conditional cash offer for the Singapore-based shipyard. Four of Dubai Drydocks World’s nominees have been appointed to PUM’s board of directors with effect from 11 July 2007.

PUM is Dubai Drydocks World’s first major overseas acquisition and strategically complements DDW’s existing network of shipyard facilities. DDW is committed to long-term strategic investment in Asia as a whole.

PUM has facilities in both Singapore and Batam, Indonesia, and is listed on the Singapore Stock Exchange. The company is aligned with the activities of DDW given its involvement in ship repair, ship building and conversions. DDW is a wholly-owned entity of Dubai World and comprises Dubai Drydocks and Al Jadaf Shipyard. It also manages Platinum Yachts FZCO and Platinum Yacht Managements LLC.