• #DP_World to buy Dubai Maritime City, Drydocks World for $405 million

    Conséquences (dégâts) économiques de la #nuit_torride

    DP World, one of the world’s largest port operators, has agreed to buy two fellow state-owned maritime companies from its parent for $405 million.

    DP World will acquire Dubai Maritime City owner Maritime World for $180 million and Drydocks World for a capital injection of $225 million from Dubai World, the port operator said in a statement on Monday.

    Dubai World, the state-owned conglomerate which agreed to a $25 billion debt restructuring in 2011 after it was hit by the global financial crisis, is the majority owner of DP World, Maritime World and Drydocks World, according to its website.

    The transactions are expected to close before the end of the first quarter of 2018, DP World said.

    The agreement comes amid a regional dispute that has seen the United Arab Emirates (UAE), and other Arab countries, cut ties with Qatar, including closing access to its ports.

    That has meant that DP World’s flagship port #Jebel_Ali, the region’s largest, is no longer handling cargo destined to and from Qatar which is instead being shipped direct to Doha or through other regional ports.