Hapag-Lloyd, which finalized its merger with United Arab Shipping Co. in May, is basing its Middle East head office at the Dubai International Financial Center.
The merged entity between Hapag-Lloyd and United Arab Shipping Co. (UASC) is basing its Middle East head office at the Dubai International Financial Center (DIFC).
To make the merger possible, UASC was first re-domiciled to the DIFC and has since made use of the center’s special purpose companies and intermediate special purpose vehicle structures, DIFC said.
“Choosing DIFC as the jurisdiction for UASC in preparation for the merger is testament to our confidence in the Centre as an important enabler as the combined entity moves forward in its regional, and global, growth strategy,” said John Hinge, who led UASC as chief executive officer until the closing. “The DIFC is an attractive choice in a number of ways, offering a range of benefits, providing access to 100 percent foreign ownership, zero tax, DIFC law and DIFC infrastructure.”
Arif Amiri, chief executive officer of the DIFC Authority, said, “DIFC offers a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, enabling businesses and investors to tap into key emerging markets across the MEASA region and thereby supporting the achievement of their respective business objectives.”
Hapag-Lloyd finalized its merger with UASC May 24. The company’s combined fleets will include 230 vessels with a capacity of approximately 1.6 million TEUs, according to Hapag-Lloyd. Average vessel size will total 6,840 TEUs, and the average ship age will stand at 7.2 years. It’s estimated the merged entity will carry in excess of 10 million TEUs per year.
Merged Hapag-Lloyd, UASC bases Mid East head office at DIFC
