Dubai's DP World hires banks for sale of flagship free zone stake-sources | Reuters
Dubai's DP World has hired banks to help sell a minority stake in its flagship business park, Jebel Ali Free Zone, which could fetch a few billion dollars, three sources familiar with the deal said.
It hired JPMorgan (JPM.N), Standard Chartered (STAN.L) and First Abu Dhabi Bank (FAB.AD) for the transaction that is likely to draw interest from infrastructure funds, private equity firms and other investors such as pension funds, they said.
The deal may be funded using leverage finance, one of the sources added.
Located adjacent to DP World's flagship Jebel Ali Port in Dubai, Jafza is one of United Arab Emirates' largest specialised business parks, commonly referred to locally as a free trade zone, where full foreign ownership is permitted.
Jebel Ali's free zone hosts more than 8,000 companies now, up from 500 in 1995, according to its website.
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