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Saudi Arabia-based Hassana Investment Co. has invested $2.4 billion for a 10.2 percent stake in three of DP World’s assets in the United Arab Emirates (Jebel Ali Port, Jebel Ali Free Zone and National Industrial Park).
The investment is a new joint venture with DP World, which will hold an economic interest of approximately 10.2% in three assets in the UAE. Hassana’s investment represents a combined enterprise value of about $23 billion for the three assets, the companies said in a joint statement on Wednesday.
The three assets will remain a fully consolidated business within DP World Group upon completion of the investment on 19 December 2022, it said.
DP World group chairman and chief executive Sultan Ahmed Bin Sulayem said the new partnership will enhance the company’s assets and strengthen its balance sheet, and support the company’s “objective to achieve a strong investment-grade rating for DP World group”.
The sale of a strategic minority stake follows the company’s $5 billion minority sale of a 22% stake in June 2022 to Canadian pension fund Caisse de Depot et Placement du Quebec.
Hassana is an investment manager at the General Organization of Social Insurance in Saudi Arabia, which owns one of the largest pension funds in the world.
Assets such as Jebel Ali Port, free zones and national industrial parks generate an estimated $1.9 billion in revenue in 2021, according to the statement.
(Reporting by Brinda Darasha; Editing by Cleofe Maceda)
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