DDW to take stake in Chinese shipyard

Dubai Drydocks World (DDW), the ship repair, conversion and building subsidiary of Dubai World, has agreed to acquire a 60% stake in a Chinese shipyard for $55 million. The acquisition will be a joint venture with Singapore-based Topniche Associates owning the remaining 40% of the shipyard, which is located in the Yangtze River delta. The deal is likely to be finalized by year-end.