DP World's Jebel Ali port handled 4 million TEUs in the third quarter. Pawan Singh / The National
DP World's Jebel Ali port handled 4 million TEUs in the third quarter. Pawan Singh / The National

DP World shareholders approve $2.6bn acquisition of Jebel Ali free zone owner

Shareholders of DP World on Thursday approved the acquisition of the company that owns the Jebel Ali Port and free zone as well as the delisting of the port operator from the London Stock Exchange (LSE).

DP World purchased Economic Zones World (EZW) from the Dubai World conglomerate, which holds 80.45 per cent of DP World stock.

The US$2.6 billion EZW deal will help to reduce the debt burden of Dubai World, which is looking to strike a deal with creditors to restructure US$15 billion worth of debt in long-running talks with more than 100 banks and financial institutions.

About 97 per cent of EZW’s business comes from Jebel Ali, the first free zone in the region, which dates back nearly 30 years.

DP World, which first listed its shares on the LSE in 2011, is delisting because of disappointing volumes. Its shares will remain listed on Nasdaq Dubai.

Shareholders almost unanimously approved both proposals at an extraordinary general assembly meeting held yesterday.

They also ratified the appointment of Mark Russell as an independent non-executive director, who was appointed to the board with effect from August.

It is a compelling strategic move that will allow us to coordinate planned expansion, deliver an improved customer proposition, accelerate growth and enhance shareholder value,” said Sultan Ahmed bin Sulayem, the chairman of DP World.

The sale includes Jebel Ali port, the biggest in the Middle East.

The EZW transaction will be completed during the second quarter of next year and the delisting will take effect in January.

DP World shares closed up 2.6 per cent in Dubai on Thursday.


Follow The National's Business section on Twitter


Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now


Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates


Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 


Company name: Sav
Started: 2021
Founder: Purvi Munot
Based: Dubai
Industry: FinTech
Funding: $750,000 as of March 2023
Investors: Angel investors