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 Depot et Placement du Quebec 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.
-- This report by The Associated Press was first published on June 6, 2022.
