A Dubai-based global conglomerate is looking to acquire a new Vancouver hotel and further expand its container terminal, while investing hundreds of millions of dollars in the city.

Following a recent speech to the Vancouver Board of Trade, Sultan Ahmed Bin Sulayem, chairman of the Dubai World Group, told reporters his state-owned organization would like to acquire a new or existing Vancouver hotel and other properties, expand its Centerm terminal and invest in several other sectors.

Bin Sulayem said one of his teams would arrive in Vancouver shortly to meet local business operators and scout locations. Other possible tourism-related developments include more hotels, marinas, condos and villas.

"Our company has real estate around water (throughout the world)," says Bin Sulayem. "We are looking for many opportunities (in Vancouver)."

Bin Sulayem

Dubai Ports, one of the Middle Eastern group's many subsidiaries, operates Centerm through Britain's P&O Group, which was acquired as part of a $6.8-billion US takeover in March. Centerm recently completed an expansion, which Bin Sulayem feted during an opening ceremony before speaking to the board of trade.

The cost of the Centerm expansion was listed at $140 million US on a news release, but Sulayem, said Dubai Ports, of which he is also chairman, has actually invested more than $200 million US in the facility.

He said a further expansion could be completed at the existing terminal or another location on the Vancouver waterfront.

Dubai operates at 52 ports around the world.

"We can see things (in Vancouver) that we've seen in many other places," says Bin Sulayem. "The weather is nice. It's a beautiful country. It's a good location. There's no doubt about it - we want a port here."

But the group is looking to unload operations at U.S. ports, including New York and Baltimore after American politicians protested the takeover of P&O. Opponents questioned whether Dubai World could be trusted to maintain security in the wake of the 9/11 terrorist attacks.

But such questions appear to be unfounded.

"We are friends - we are not enemies," Bin Sulayem told the board of trade. "We know where we have to invest."

Dubai, a member of the United Arab Emirates, sits on the Arabian Peninsula The U.A.E. borders Oman and Saudi Arabia. Sultan is Bin Sulayem's first name - not his title. The country is ruled by an emir, who is his mentor, and sheiks.

U.S. president George W. Bush has described Dubai, part of the United Arab Emirates, as an "ally in the war on terror" and the White House praised its many other efforts that it considers beneficial to the U.S., including a $100 million donation to victims of Hurricane Katrina and a global ports security system.

Dubai Ports was the first country to gain international certification for its security-management system. Vancouver Board of Trade managing director Darcy Rezac says that experience will be very helpful to Vancouver and other ports where the firm operates.

"When (Bin Sulayem) set up Dubai Ports, he went to Lloyds and bought blanket insurance for all the shipping companies using his ports," says Rezac. "Otherwise, because it's in an area of uncertainty, individual shipping companies would have to pay high premiums. He took that (potential added cost) out of the equation, so that (blanket insurance package) became a huge competitive advantage - and helped out Dubai Ports."

Rezac says Dubai Ports will also help to speed up the flow of goods through the Port of Vancouver. Companies in several sectors, especially small retailers, have complained vociferously about lengthy delays their containers have faced on Vancouver's docks.

"Because they have such a strong network - 52 ports around the world - the investment here can be nothing but positive for us - strictly given their experience in Dubai and elsewhere and their commitment to high security," says Rezac.

(Monte Stewart can be reached at monte@businessedge.ca)