DP World, Canada fund to invest US$4.5 billion in global ports

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International port operator DP World reached a deal Thursday with one of Canada's biggest pension-fund managers to pour an additional US$4.5 billion into their joint venture of ports and terminals.

The new capital signals a major push to expand and brings the total amount invested by one of the world's largest port operators and Canadian infrastructure investor Caisse de Depot et Placement du Quebec to $8.2 billion.

DP World and CDPQ agreed in 2016 to invest in 10 port terminals across the world. DP World said the new agreement would "broaden its footprint" in areas where it already operates and allow it to shop for ports and terminals in Europe and Asia Pacific. DP World has a 55% share in the fund, with CDPQ holding the remaining 45%.

But with the COVID-19 pandemic shutting borders and disrupting global supply chains, DP World's profits fell 56% during the first half of the year. Months before, DP World started delisting from the Dubai stock exchange, returning the company to full state-ownership to help the Dubai government's investment company repay more than $5 billion to banks.

 

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