Abu Dhabi: DP World on Thursday announced that it has acquired World Security FZE for total consideration of $25.5 million (Dh94 million). World Security FZE provides security services and solutions to various corporates in Dubai including ports and free zones.
World Security FZE is a wholly owned subsidiary of Istithmar World Ventures LLC, which is part of the Dubai World Group which in turn is 100 per cent owned by the Government of Dubai.
Dubai World is the majority shareholder and a related party of DP World under the UK Listing Rules. The acquisition is classified as a smaller related party transaction under Listing Rule 11.1.10, DP World said in a statement on Thursday.
A spokesperson from DP World told Gulf News that World Security has 2,500 staff members across 140 locations in the UAE. “It is strategically important to DP World because of the security at Dubai Ports,” the spokesperson said commenting on the decision.
World Security was established in 1975 and provides security at various places including World Trade Centre, Dubai Electricity and Water Authority (Dewa) offices, Dubai Customs, Du, Emaar properties and Al Tayer group, the spokesperson added.
State owned 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.
The global port operator in August reported a half year profit of $331.8 million, 25.68 per cent higher than the same period a year earlier.
It was reported last month that the company is set to reach a deal with creditors to extend repayments on its $25 billion (Dh91.8 billion) debt.
