Saudi Arabia injects $2.4 billion into key Dubai port developments

The Saudi “Hasanah Investment Company” decided to acquire a strategic stake at key Dubai port developments at a rate of  10.2% in the Jebel Ali port of DP World, the Jebel Ali Free Zone, and the National Industries Park for $2.4 billion.

The investment in “Hasanah” means that the project’s total value is about $23 billion for the three assets, whose revenues amounted to $1.9 billion last year.

The assets will remain fully integrated within the DP World group, and its operations, customers, service providers, and employees will not be affected.

The investment represents the second tranche of the sale of a strategic minority stake in DP World’s UAE assets, following a $5 billion deal that closed earlier this year.

Hassana, which manages more than $250 billion in assets, is the investment arm of the Saudi General Organization for Social Insurance.

DP World is exploring opportunities to sell stakes in certain assets as the emirate’s government works to reduce the accumulated debt that has helped fund the city’s growth.

In early 2020, the company was delisted from the stock exchange to help it better manage its loans.

Chief Executive Officer Sultan bin Sulayem said the deal “will support our goal of achieving a strong investment grade rating for DP World.”


The latest investment deal comes amid growing competition between the UAE and Saudi Arabia, as the region’s largest economy looks to attract more foreign investment.

The kingdom is looking to become a regional hub for business and logistics as it tries to diversify its oil-dependent economy.

It is often seen as a rivalry between Riyadh and Dubai, which was the region’s commercial capital for years.

Saudi Arabia aims to develop the capacity of its ports to handle 40 million standard containers, as part of its plans to become a global trade center.

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