UAE ports operator to retain 62.5% stake, continue to lead operations.
Global shipping giant Maersk’s subsidiary, APM Terminals, is acquiring a significant stake in the South Container Terminal (SCT) in Saudi Arabia, a facility fully controlled by UAE ports operator DP World.
The two entities confirmed on Wednesday that they have signed a deal in which APM will buy a 37.5% stake in the terminal at Jeddah Islamic Port, while DP World will retain a 62.5% majority shareholding and continue to lead the operations.
Neither party disclosed the value of the transaction. DP World, which had secured a 30-year 100% operational concession for SCT in 2019, recently completed a SAR 3 billion ($800 million) upgrade of the facility to more than double its capacity
With Maersk’s massive shipping network and DP World’s operational expertise, the new deal effectively combines the strengths of two of the world’s biggest port operators to boost connectivity and position Saudi Arabia as a primary hub for Asia-Europe-Africa trade.
“The investment strengthens the long-term collaboration between the two organisations and brings together complementary capabilities to enhance Jeddah Islamic Port’s role as a vital gateway,” the two entities said.
European defence ministries and intelligence services run on infrastructure they do not control and cannot…
The fiscal dominance view holds that politically captured central banks are more likely to be…
Generative AI now writes a substantial share of the world's code, but aggregate software output…
As women gain political ground around the world, there is hope that the election of…
As tensions rise between major powers and the global trading system becomes more contested, policymakers…
Private capital markets have expanded rapidly, but access remains concentrated among wealthy investors. This column…