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Saudi Arabia-based Hassana Investment Co. has invested $2.4 billion for a 10.2% stake in three of DP World's assets in the UAE - Jebel Ali Port, Jebel Ali Free Zone and National Industries Park.
The investment is in a new joint venture with DP World through which it will hold its economic interest in a stake of around 10.2% in the three UAE assets. The investment by Hassana implies a total enterprise value of approximately $23 billion for the three assets, the companies said in a joint statement on Wednesday.
Following the investment, which closed on 19 December 2022, the three assets will remain fully consolidated businesses within the DP World Group, it said.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said the new partnership will enhance the company's assets and strengthen the balance sheet, and support the company’s “target of achieving a strong investment-grade rating for the DP World group."
The sale of a strategic minority stake follows an earlier transaction in June 2022, when the company sold a 22% minority stake to Canadian pension fund, Caisse de Depot et Placement du Quebec, for $5 billion.
Hassana is the investment manager for Saudi Arabia's General Organization for Social Insurance, which owns one of the world's largest pension funds.
The assets, Jebel Ali Port, Free Zone and National Industries Park, generated pro-forma 2021 revenue of $1.9 billion, according to the statement.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
