DP World buys Drydocks World and Dubai Maritime City

DP World buys Drydocks World and Dubai Maritime City

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.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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