DP World to acquire Dubai Maritime City, Drydocks World

The Dubai-based port terminal operator entered into deals to acquire Maritime World LLC, the 100 percent owner of Dubai Maritime City, for $180 million and 100 percent of Drydocks World LLC by means of a capital injection of $225 million.    Dubai-based port terminal operator DP World said it has entered into agreements to acquire Maritime World LLC for a purchase consideration of $180 million and 100 percent of Drydocks World LLC by means of a capital injection of $225 million.
   Maritime World is the 100 percent owner of Dubai Maritime City (DMC), a maritime focused commercial and industrial park adjacent to DP World’s Mina Rashid.
   Drydocks World is the Middle East’s largest ship repair yard.
   Both transactions are expected to close before the end of the first quarter of 2018, and are expected to be accretive from the first full year of consolidation.
   DP World, which holds a portfolio of 78 operating marine and inland terminals, has been thriving in 2017, with revenues and volumes for the first half of the year both rising from the corresponding 2016 period.