UAE port operator DP World has agreed to buy two fellow state-owned maritime companies from its parent for $405 million.
DP World said Dubai Maritime City, a commercial and industrial park located next to its Port Rashid, would offer an alternative to the Jebel Ali Free Zone which it also owns. The port operator also said that Drydocks, World the Middle East’s largest ship repair yard, would be integrated with its maritime services unit P&0 Maritime.
The company said overall, these transactions will enhance its position as a leading maritime services provider and it looks forward to leveraging on its proven track record to accelerate growth and deliver stakeholder value.
In 2016, DP World bought UAE industrial and logistics infrastructure firm Economic Zones World for $2.6 billion.