Dubai-based global ports operator DP World has bought Dubai-headquartered offshore support vessels operator Topaz Marine & Energy for $1.089bn from Oman’s Renaissance Services and the UK’s Standard Chartered Private Equity. The company operates a fleet of 117 vessels, predominantly in its core Caspian Sea market but also in the Mena region and West Africa.
DP World itself was the subject of the Gulf’s largest ever IPO, after the Dubai government floated 19.55% on the Dubai exchange in 2007. This raised $4.22bn to value the company at $21.58bn. Among the largest Gulf IPOs since are 2017’s $1.31bn listing of Dubai real estate firm Emaar Development and $851mn listing of Abu Dhabi’s Adnoc Distribution (MEES, 16 February 2018). (CONTINUED - 114 WORDS)