Saudi Arabia’s Hassana to Invest $2.4 Bn in UAE’s DP World
Business
Riyadh - Asharq Al-Awsat
Saudi Arabia’s Hassana Investment Company announced on Wednesday an investment of $2.4 billion in three of DP World’s flagship UAE assets. The investment included stakes in Jebel Ali Port, Jebel Ali Free Zone, and National Industries Park and followed an earlier transaction that successfully closed in June 2022. The three assets are one of the best-in-class infrastructures in the world, with a long record of sustainable growth. They represent an integrated system according to the best international standards as it supports supply chains and logistics services for more than 9,000 companies worldwide, serving more than 3.5 billion consumers. In 2021, the assets generated revenues exceeding $1.8 billion. Hassana CEO Saad al-Fadly said the company looked forward to strengthening the investment portfolio with infrastructure assets with a high level of global performance and a rich history over many years as an extension of Hassana’s strategy to invest in critical infrastructure assets. Fadly explained that the partnership highlighted “Hassana’s focus and strategy to invest in critical infrastructure assets in the region that we believe will deliver long-term sustainable returns.” He said that favorable demographics, macroeconomic drivers, and investment in transformational projects would continue to support growth momentum regionally, while trade between the emerging economies of Asia and Africa is also expected to thrive. Chairman and CEO of the DP World Sultan Ahmed bin Sulayem pointed out that the new partnership would enhance the assets and capture the significant growth potential of the broader market. “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,” said Sulayem. Hassana Investment Company is the investment manager for the General Organization for Social Insurance (GOSI). It relies on a long-term investment strategy that is constantly reviewed and updated, seeking to maximize returns on investments according to an acceptable level of risk.
from Asharq AL-awsat https://english.aawsat.com/home/article/4057376/saudi-arabia%E2%80%99s-hassana-invest-24-bn-uae%E2%80%99s-dp-world
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