DP World said it will invest, with global investment group CDPQ, about $5 billion in three of its strategic assets in the United Arab Emirates.
According to Arab Net, Dubai Ports added that CDPQ will invest $2.5 billion in Jebel Ali Port, Jebel Ali Free Zone and the National Industries Complex through a new joint venture, noting that CDPQ will acquire about 22% of the joint venture.
The deal is expected to close in the second or third quarter of 2022.
"Overall, we believe this transaction provides a strong platform for UAE assets to achieve long-term growth goals," said Sultan Bin Sulayem, CEO and Chairman of DP World.
In 2020, DP World, together with its Canadian partner Caisse de dépôt et placement du Québe CDPQ, announced that they would pump $4.5 billion to expand their investments in the field of ports and container terminals, bringing the platform’s total investments to $8.2 billion.
DP World established an investment platform with CDPQ in December 2016, to invest in ports worldwide, excluding the UAE, and DP World owns a 55% stake in The platform, while CDPQ owns about 45%.
In August 2021, DP World and Canadian Investor (CDPQ) signed an agreement with Indonesia's Maspion Group to build a $1.2 billion international company in Gresik, an Indonesian city near the east. Port and Logistics Park is a Java port city in Surabaya.
Commercial operations are scheduled to begin in 2023. The DP World joint venture Maspion East Java will be the sole operator of the port, with a design capacity of 3 million 20-foot equivalent units (TEU). The parties will also develop an industrial and logistical zone next to the terminal, with an initial area of 110 hectares, with room for future expansion.
