Utah has a 9% holding in Dubai Establishment. Each of the seven other investors in Dubai holds between 10% and 15% of its equity. The Dubai Establishment owns a fleet of ships that is used by all the investors to transport their own products around the world. The investors are also all obligated for liabilities relating to the fleet of ships per the terms of the contractual arrangement. The operation of Dubai and of its fleet is the subject of a detailed agreement among all the investors. How should this investment be classified? An associate A joint venture A subsidiary A joint operation