Dubai-headquartered terminal operator DP World has sold around 10.2% stake in the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park to Saudi Arabia-based Hassana Investment Company for $2.4bn.
On behalf of the Saudi Arabian pension and social insurer General Organisation of Social Insurance, Hassana invested in a new joint venture with DP World through which it will hold its economic interest in the three UAE assets.
This investment is the second tranche of the sale of a strategic minority stake in these DP World’s flagship UAE assets, following the $5bn transaction with Canadian pension fund manager Caisse de dépôt et placement du Québec (CDPQ) which closed earlier this year.
Combined, the Jebel Ali Port, Free Zone and National Industries Park form an integrated ecosystem for the supply and logistics chains of over 9,000 companies. The three assets which made $1.9bn in pro-forma revenue in 2021 will remain fully consolidated businesses within DP World, and day-to-day operations, customers, service providers and employees will not be affected.
