SAUDI Arabia-based Hassana Investment Company, the investment manager for the General Organisation for Social Insurance (GOSI), has decided to invest US$2.4 billion in three of DP World's flagship assets in the United Arab Emirates (UAE).
The company will invest in a new joint venture with DP World through which it will hold its economic interest in 10.2 per cent in Jebel Ali Port, Jebel Ali Free Zone and National Industries Park, reports Container News.
DP World said this investment is the second tranche of the sale of a strategic minority stake in these UAE assets, following the $5 billion transaction which successfully closed earlier this year.
Said DP World CEO Ahmed Bin Sulayem: 'Hassana shares our long-term vision for the UAE assets, which have a long and sustained track record of growth and resilience. We believe this new partnership will serve to enhance our assets and allow us to capture the significant growth potential of the wider market.'
After this investment, which closed on December 19, 2022, the three assets, Jebel Ali Port, Free Zone and National Industries Park, will remain fully consolidated businesses within the DP World Group, and their day-to-day operations, customers, service providers and employees will not be affected, according to DP World.
'The transaction further strengthens our balance sheet, which, combined with the continued resilience of our business, diversity in our portfolio and focus on supply chain solutions, will support our target of achieving a strong investment-grade rating for DP World,' the CEO said.
SeaNews Turkey
The company will invest in a new joint venture with DP World through which it will hold its economic interest in 10.2 per cent in Jebel Ali Port, Jebel Ali Free Zone and National Industries Park, reports Container News.
DP World said this investment is the second tranche of the sale of a strategic minority stake in these UAE assets, following the $5 billion transaction which successfully closed earlier this year.
Said DP World CEO Ahmed Bin Sulayem: 'Hassana shares our long-term vision for the UAE assets, which have a long and sustained track record of growth and resilience. We believe this new partnership will serve to enhance our assets and allow us to capture the significant growth potential of the wider market.'
After this investment, which closed on December 19, 2022, the three assets, Jebel Ali Port, Free Zone and National Industries Park, will remain fully consolidated businesses within the DP World Group, and their day-to-day operations, customers, service providers and employees will not be affected, according to DP World.
'The transaction further strengthens our balance sheet, which, combined with the continued resilience of our business, diversity in our portfolio and focus on supply chain solutions, will support our target of achieving a strong investment-grade rating for DP World,' the CEO said.
SeaNews Turkey
