Saudi Arabia-based Hassana Investment Company, the investment manager for the General Organisation for Social Insurance (GOSI), has decided to invest approximately US$2.4 billion in three of DP World’s flagship assets in the United Arab Emirates (UAE).
Hassana will invest in a new joint venture with DP World through which it will hold its economic interest in a stake of approximately 10.2% in Jebel Ali Port, Jebel Ali Free Zone and National Industries Park.
DP World said this investment is the second tranche of the sale of a strategic minority stake in these UAE assets, following the US$5 billion transaction which successfully closed earlier this year.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, commented, “We are delighted to announce this new partnership with Saudi Arabia-based Hassana, which manages one of the largest global pension funds. Hassana shares our long-term vision for the UAE assets, which have a long and sustained track record of growth and resilience. We believe this new partnership will serve to enhance our assets and allow us to capture the significant growth potential of the wider market.”
After this investment, which closed on 19 December 2022, the three assets, Jebel Ali Port, Free Zone and National Industries Park, will remain fully consolidated businesses within the DP World Group, and their day-to-day operations, customers, service providers and employees will not be affected, according to DP World.
Sultan Ahmed Bin Sulayem pointed out, “The transaction further strengthens our balance sheet, which, combined with the continued resilience of our business, diversity in our portfolio and focus on supply chain solutions, will support our target of achieving a strong investment-grade rating for the DP World group.”
