(MENAFN- Khaleej Times)
Moody's has upgraded DP World's ratings, signalling confidence in the company's business and future prospects.
The upgrade follows two major investments in 2022 at DP World's flagship UAE assets: Jebel Ali Port, Jebel Ali Free Zone, and National Industries Park.
The investments, which totaled $7.4 billion, were made by Canadian investment fund CDPQ in May and Saudi Arabian pension fund Hassana in December.
DP World's diversified global port operations in strategic, fast-growing emerging market locations, solid profitability, and long-term growth potential led to the improved rating. The upgrade is an important step for DP World towards its long-term growth plans and will enhance the company's assets, allowing it to capture the significant growth potential of the wider market, according to Moody's.
Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, stated that the improved rating by Moody's demonstrates the confidence of global investors in the company's business, its leading assets, and its strategy to expand deeper into the logistics industry.
DP World has begun a strategic transformation journey to achieve its vision of creating end-to-end integrated global supply chain solutions, from the factory floor to the customer's door. This upgrade is a significant step in DP World's long-term growth plans, and it will also enhance the company's assets and capitalise on the significant growth potential of the broader market.
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