The Saudi Arabia-based Hassana Investment Company, an investment manager for the General Organisation for Social Insurance (GOSI) – which owns one of the world’s largest pension funds – has announced an investment of approximately $2.4bn (SR9bn) in three of DP World’s flagship UAE assets.
Hassana will invest approximately $2.4 billion in a new joint venture with DP World through which it will hold its economic interest in a stake of approximately 10.2% in three UAE assets.
The investment by Hassana implies a total enterprise value of approximately $23 billion for these key assets, which are: Jebel Ali Port, Free Zone and the National Industries Park.
Together, they comprise a best-in-class group of infrastructure assets, with a solid long-term track record of growth. In fact, they form a world-class integrated ecosystem for the supply and logistics chains of over 9,000 companies from around the world, serving more than 3.5 billion people globally. The three assets also generated pro-forma 2021 revenue of $1.9bn.
After this investment, which closed on 19th December, the three assets will remain fully consolidated businesses within the DP World Group, and their day-to-day operations, customers, service providers and employees will not be affected.
Sultan Ahmed Bin Sulayem, CEO of DP World, said: “We are delighted to announce this new partnership with Saudi Arabia-based Hassana, which manages one of the largest global pension funds. Hassana shares our long-term vision for the UAE assets, which have a long and sustained track record of growth and resilience. We believe this new partnership will serve to enhance our assets and allow us to capture the significant growth potential of the wider 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.”
