Dubai Inc has moved to consolidate its top maritime brands, solving a multi-billion dollar restructuring riddle in the process. Global terminal operator DP World is buying two other state-run maritime companies from its parent, Dubai World, for $405m.
DP World will acquire Dubai Maritime City owner Maritime World for $180m and ship repair firm Drydocks World for a capital injection of $225m from Dubai World. The deals are expected to be concluded early next year.
Dubai World agreed to a $25bn debt restructuring in 2011.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “As a global trade enabler, we have been targeting a broader strategy to grow complementary sectors in the global supply chain such as industrial parks, free zones and logistics adding further value for all our stakeholders.”