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DP World acquires Drydocks and Dubai Maritime City for $405 million

DP World has agreed to buy fellow Dubai Maritime World, the owner of Dubai Maritime City (DMC), for US$180 million, and Drydocks World for a capital injection of $225 million.


Drydocks 2

DP World has agreed to buy fellow Dubai Maritime World, the owner of Dubai Maritime City (DMC), for US$180 million, and Drydocks World for a capital injection of $225 million.

The acquisitions are subject to conditions, and the Drydocks World purchase is subject to the successful completion of its debt restructuring process and both transactions are expected to close before the end of the first quarter of 2018.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are delighted to make these acquisitions which further strengthen the Group’s maritime services and port related businesses. As a global trade enabler, we have been targeting a broader strategy to grow complementary sectors in the global supply chain such as industrial parks, free zones and logistics adding further value for all our stakeholders.

DP World said that Drydocks World, the Middle East’s largest ship repair yard, would be integrated with its maritime services unit P&0 Maritime.

He added: “Drydocks World bolsters our investment in the maritime sector through our subsidiary P&O Maritime. We are acquiring a market leader in the Middle East with the potential to deliver near term synergies and new revenue opportunities over the longer term, particularly in ship conversion and in areas where POM has existing expertise. We remain excited about the growth prospects of this business. 

Source: Pipeline ME