Dubai-owned giant port operator DP World announced today it has agreed to acquire two maritime services companies for a total of USD 405 million.
The company which operates 77 marine and inland terminals around the world said it will buy Drydocks World, which operates the largest ship repair yard in the Middle East, for USD 225 million.
DP World also announced in a statement the purchase for USD 180 million of Maritime World, the 100-percent owner of Dubai Maritime City, a service facility.
"These transactions will enhance our position as a leading maritime services provider, and we look forward to leveraging on our proven track record to accelerate growth and deliver stakeholder value," DP World chairman Sultan Ahmed bin Sulayem said.
With container handling as its core business, the company shipped around 85 million TEU, 20-foot equivalent containers, in 2016.
DP World also said it has decided not to renew its operating contract for PT Terminal Petikemas Surabaya in Indonesia when it expires in 2019.
The port on the Indonesian island of Java has a handling capacity of 2.1 million TEU.
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