Dubai, UAE—Saudi Arabia-based Hassana Investment Company (Hassana has taken a 10.2 percent stake in some of the UAE assets of Dubai’s port operator DP World through a $2.4 billion investment.
Hassana is the investment manager for the General Organisation for Social Insurance (GOSI), which owns one of the world’s largest pension funds.
The $2.4 billion (SAR9 billion) investment in Jebel Ali Port, Jebel Ali Free Zone and National Industries Park follows on the earlier transaction that successfully closed in June 2022.
Hassana will invest approximately $2.4 billion in a new joint venture with DP World through which it will hold its economic interest in a stake of approximately 10.2 percent in the three UAE assets.
The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets.
After this investment, which closed on 19th December 2022, the three assets will remain fully consolidated businesses within the DP World Group, and their day-to-day operations, customers, service providers and employees will not be affected.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said, “The transaction further strengthens our balance sheet, which, combined with the continued resilience of our business, diversity in our portfolio and focus on supply chain solutions, will support our target of achieving a strong investment-grade rating for the DP World group. Overall, we believe this partnership and transaction will drive sustainable value for all DP World stakeholders.”
Saad bin Abdulmohsen Al-Fadly, CEO of Hassana Investment Company, said, “This partnership highlights our focus and strategy to invest in critical infrastructure assets in the region that we believe will deliver long-term sustainable returns. Favourable demographics and macro-economic drivers and investment in transformational projects will continue to support growth momentum regionally, while trade between the emerging economies of Asia and Africa is also expected to thrive.”