DP World announced, yesterday, Wednesday, the signing of an agreement with the Saudi Hasana Investment Company - the investment arm of the General Organization for Governmental Social Insurance - according to which the Saudi company will invest about $ 2.4 billion in a joint venture with Dubai Ports that includes three assets belonging to the latter.
According to Zawya, according to the agreement, the Saudi Hassana Company acquired 10.2% of the Jebel Ali port and its free zone, which are affiliated with Dubai Ports, and the National Industries Park, which is also affiliated with Dubai Ports.
The total value of the three projects - according to the deal's valuation - is about $23 billion. Dubai Ports said the investment closed on December 19, 2022.
The Canadian Global Investment Group announced, last June, the acquisition of a stake of about 22% of the three assets, to invest $ 2.5 billion in them, and that the financing of the $ 5 billion deal be completed through debt.
