Dubai's DP world buys security firm for $25.5mn
World Security FZE will lock down ports and freezones and other sites
Dubai-based ports operator DP World has announced that it has acquired World Security FZE for $25.5mn.
World Security FZE provides security services to various corporates in Dubai including ports and free zones. It is a wholly-owned subsidiary of Istithmar World Ventures, 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.
The company said the move was a unique opportunity to acquire a strategically important asset on commercial terms.