26 December 2022 (Lloyd's List) - DP WORLD has sold a 10.2% stake in its assets in the United Arab Emirates, which include the Jebel Ali port, to Saudi Arabia-based Hassana Investment Company. Hassana, the investment manager for the General Organisation for Social Insurance – which owns one of the world’s largest pension funds – has agreed to put in approximately $2.4bn in three of DP World’s flagship UAE assets: the Jebel Ali Port, Jebel Ali Free Zone and National Industries Park. The investment by Hassana implies a total enterprise value of approximately $23bn for the three assets, according to a statement. This sale of "a strategic minority stake" follows the sale of a 22% stake to Canadian fund Caisse de Depot et Placement du Quebec for $5bn. “Hassana shares our long-term vision for the UAE assets, which have a long and sustained track record of growth and resilience,” said DP World’s group chairman and chief executive Sultan Ahmed Bin Sulayem. “We believe this new partnership will serve to enhance our assets and allow us to capture the significant growth potential of the wider market. The transaction further strengthens our balance sheet, which, combined with the continued resilience of our business, diversity in our portfolio and focus on supply chain solutions, will support our target of achieving a strong investment-grade rating for the DP World group.” “This partnership highlights our focus and strategy to invest in critical infrastructure assets in the region that we believe will deliver long-term sustainable returns,” said Hassana’s chief executive Saad bin Abdulmohsen Al-Fadly. The Jebel Ali Port, Free Zone and National Industries Park together form an integrated ecosystem for the supply and logistics chains of over 9,000 companies from around the world, serving more than 3.5bn people globally. The three assets generated pro-forma 2021 revenue of $1.9bn. The three assets will remain fully consolidated businesses within the DP World Group, and their day-to-day operations, customers, service providers and employees will not be affected, said the company.