Dubai sells minority stake in flagship port, business park to Quebec’s Caisse

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Dubai sells minority stake in flagship port, business park to Caisse

Dubai will sell a minority stake in its flagship port and two adjacent business parks to a Canadian pension fund, helping the state operator of the facilities to massively cut its own debt. will take a 22% stake through a new joint venture with DP World in which it will invest $5 billion in the three facilities, DP World said.

CDPQ will invest $2.5 billion in Jebel Ali, which is the Middle East’s largest transshipment port, and the business parks, DP World said. CDPQ will finance the rest through debt. The transaction implies a total enterprise value of $23 billion for the three assets, which also include Jebel Ali Free Zone and National Industries Park.DP World Chairman and Chief Executive Sultan Ahmed bin Sulayem said the deal with CDPQ would achieve DP World’s target of reducing net leverage to below 4x net debt to earnings before interest, taxes, depreciation, and amortization.

DP World, one of the world’s biggest port operators, took on $8.1 billion of debt in 2020 to finance Dubai’s buyout of minority shareholders to return the company to full state ownership. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.

 

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