DP World today announces that it has acquired World Security FZE for total consideration of $25.5 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% 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.
Given that security is crucial to the safe and secure operation of Dubai’s ports, this was a unique opportunity to acquire a strategically important asset on commercial terms.