RIYADH: Global rating agency Moody’s has upgraded Dubai-based DP World’s ratings following major investments in the firm’s flagship UAE assets — the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park.
The Emirati logistics company received a total of $7.4 billion from two international funds — Canadian investment fund CDPQ in May and Saudi Arabian pension fund Hassana in December — through the sale of a 32.2 percent stake in the assets in 2022.
According to Moody’s, DP World’s diversified global port operations in strategic, fast-growing emerging market locations, solid profitability, and long-term growth potential led to the improved rating.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “Our improved rating by Moody’s shows the confidence global investors have in our business, our world-leading assets and our strategy to push deeper into the logistics business to capture more value.”
He added the company has embarked on a strategic transformation journey that will enable it to better achieve its vision of creating end-to-end integrated global supply chain solutions from the factory floor to the customer’s door.
This upgrade comes as DP World focuses on a long-term growth plan to enhance the company’s assets and capture the significant growth potential of the wider market.
