RIYADH: Hassana Investment Co. — the Riyadh-based investment arm of the General Organization for Social Insurance — announced an investment of SR9 billion ($2.4 billion) in three assets of the Dubai-based DP World.
The agreement sees Hassana acquire a strategic stake of 10.2 percent in three strategic centers of the DP World group — Jebel Ali Port, Jebel Ali Free Zone and the National Industries Park.
The global hubs support supply chains and logistics services for over 9,000 companies internationally, serving over 3.5 billion customers.
The acquisition of these assets, which generated revenues exceeding SR7 billion in 2021, would facilitate Hassana’s trade flow globally and pare down debt for DP World.
Furthermore, the transaction “will support our target of achieving a strong investment-grade rating for the DP World Group,” said Sultan Ahmed Bin Sulayem, the CEO of DP World Group, in a statement.
“It is expected that the company’s business will continue to grow in the future due to the combination of favorable demographic factors, the growth of the region’s economies and the major investments in it, in addition to the expectations of a boom in trade exchange between developing countries in Asia and Africa,” noted Saad bin Abdul Mohsen Al-Fadhli, CEO of Hassana.
