Global marine terminal operator DP World said it has acquired the entire stake of Economic Zones World (EZW), a unit of government-owned conglomerate Dubai World from the Port and Free Zone World.

Dubai's Port & Free Zone World (PFZW) is owned by Dubai government conglomerate Dubai World.

EZW's key asset is the Jebel Ali Free Zone (Jafza), one of the largest in the GCC and a major industrial and commercial development in Dubai, UAE.

It is widely recognised, along with DP World, as a key driver of the country’s phenomenal economic growth.

Commenting on the move, Sultan Ahmed Bin Sulayem, the chairman of DP World, said: "We are very pleased to have reached the close of this acquisition which is compelling from both a strategic and financial perspective. This will allow us to enhance our position as the leading logistics hub in the Middle East region, accelerate growth and deliver shareholder value."

"Acquiring a strategically located asset integral to Jebel Ali's continued success enhances our competitive advantage and aligns with our strategy of providing port-centric integrated logistics solutions at key gateway locations," he noted.

Bin Sulayem said combining the two assets made economic and strategic sense for all parties involved, including customers, particularly in the context of a significant growth phase in port capacity at Jebel Ali and a strong economic outlook for Dubai and the wider GCC region.

"The two assets will allow DP World to co-ordinate planned expansion and deliver an improved customer proposition," he added.

DP World has a portfolio of more than 65 marine terminals across six continents including new developments underway in India, Africa, Europe and the Middle East.-TradeAraba News Service