"Dubai World's global shipyard operator, Dubai Drydocks World... is preparing to exercise its option to aquire 100 percent ownership of... Pan United Marine," the company said in a statement.

Dubai World already owns more than 90 percent of Pan United Marine and will exploit its right to buy the remaining shares through a compulsory acquisition clause, the statement said.

The booming Gulf emirate of Dubai is a member of the seven-strong oil-rich United Arab Emirates.

Dubai World also announced in November last year that it would spend one billion dollars on building new facilities at Cape Town's Victoria and Alfred waterfront in time for the 2010 football World Cup in South Africa.