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AP National

Canada fund invests $5 billion in DP World’s Dubai home base

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Published 4:03 AM

DUBAI, United Arab Emirates (AP) — International port operator DP World says it sold a stake in its home base, the Jebel Ali Port, and other flagship assets to one of Canada’s largest pension funds for $5 billion. The investment announced on Monday expands the Canadian group’s reach into the crown jewel of the Dubai-based company’s operation. The transaction comes nearly two years after Dubai’s DP World struck a deal with Canadian infrastructure investor Caisse de Dépôt et Placement du Québec to pour $4.5 billion of new capital into their joint venture. The DP World CEO says the sale helps lighten the company’s debt burden. CDPQ will take 22% in the three assets in the United Arab Emirates.

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