DP World is said to weigh sale of stake in Jebel Ali Free zone

dp-world world zone sale jebel
UAE
  • Date: 06/15/2021
  • Source: Gulf Business
  • Sector: Transport
  • Country: UAE

DP World is said to weigh sale of stake in Jebel Ali Free zone

DP World is considering offering international investors a chance to buy into the Jebel Ali Free Zone, a prized asset that helped transform Dubai into a hub of global trade, as it looks for ways to cut its debt pile. The Dubai-based port operator is working with advisers to gauge interest in the sprawling industrial park, according to people familiar with the matter. DP World is considering options including selling a stake in the free zone or some assets based there, the people said, asking not to be identified discussing confidential information. Any sale is likely to attract interest from infrastructure funds and strategic suitors, the people said. Deliberations are ongoing, and no final decisions have been taken on the structure of a potential deal, according to the people. A representative for DP World declined to comment. The Jebel Ali Free Zone attracts almost a quarter of foreign direct investment into Dubai, with more than 8,000 companies having set up operations in the trade zone since its foundation in the mid 1980s, according to its website. Dubai saw Dhs24.7bn ($6.7bn) of foreign direct investment in 2020, according to government figures. State-owned DP World has been exploring the sale of equity