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DP World announces acquisition of entire stake of Economic Zones World

DP World announces acquisition of entire stake of Economic Zones World

BRUSSELS: Global marine terminal operator DP World and its subsidiary DP World FZE have announced the acquisition of the entire stake of Economic Zones World, or EZW, a unit of Dubai World, from the Port and Free Zone World.

DP World, which has a portfolio of more than 65 marine terminals across six continents including new developments underway in India, Africa, Europe and the Middle East, said in a statement that EZW has been a key driver of the country’s phenomenal economic growth. EZW’s key asset is the Jebel Ali Free Zone, which is one of the largest free zones in the GCC and a major industrial and commercial development in Dubai.

Sultan Ahmed bin Sulayem, Chairman of DP World, said the close of the acquisition was compelling from both a strategic and financial perspective. “This will allow us to enhance our position as the leading logistics hub in the Middle East region, accelerate growth and deliver shareholder value.”

In a statement, he said acquiring a strategically located asset integral to Jebel Ali’s continued success enhances DP World’s competitive advantage and aligns with its strategy of providing port-centric integrated logistics solutions at key gateway locations.

Combining the two assets makes economic and strategic sense for all parties involved, including customers, particularly in the context of a significant growth phase in port capacity at Jebel Ali and a strong economic outlook for Dubai and the wider GCC region, Sulayem pointed out.

The two assets will allow DP World to co-ordinate planned expansion and deliver an improved customer proposition, he said.

Last week, DP World announced that it would take full control of the planned container terminal at Liège Port in Belgium as part of a move to strengthen its stake in the transport arteries of northern Europe. The Dubai-based port operator said that it would take over the shares owned by Euroports in the Trilogiport terminal. The container terminal will cover 100 hectares along the Albert Canal, a small and shallow waterway located in northeastern Belgium. For DP World involvement in the project is a logical step in its expansion in Belgium, the Netherlands and Luxembourg, Arabian Supply Chain reported.

 

DP World has been operating a terminal in Grobbendonk, in the province of Antwerp in Belgium since 2011 and the operation of two terminals, one at each end of the canal, will create synergies.