DP World completes Cargo Services acquisition
DP World has completed its acquisition of Hong Kong-headquartered freight forwarder Cargo Services Far East ...
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Dubai, UAE, 18 September 2017: DP World Limited today announces that it has entered into agreements to acquire Maritime World LLC, the 100% owner of Dubai Maritime City (DMC), for a purchase consideration of US$ 180 million and to buy 100% of Drydocks World LLC (Drydocks) by means of a capital injection of US$ 225 million, taking the total cash required for the acquisitions of DMC and Drydocks to US$ 405 million.
DMC is a world class maritime service facility and industrial business zone in a prime location of central Dubai and adjacent to DP World’s Port Rashid. It is a maritime focused commercial and industrial park, which extends to 2.3 million sqm on a man-made peninsula and provides Economic Zones World FZE additional land as an alternative to the highly-occupied Jebel Ali Free Zone.
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