Mubasher: Dubai International Financial Centre (DIFC) welcomed Hapag-Lloyd following its multi-billion merger with United Arab Shipping Company (UASC), a DIFC company, according to a statement.
The transaction is one of the largest mergers involving a company based in the Gulf region.
The combined entity will have 230 vessels and a combined turnover of approximately $12 billion.
To make the merger possible, UASC was first redomiciled to the DIFC.
“The move underlines how DIFC is quickly developing as a domicile of choice thanks to its experience in supporting companies with innovative structured finance transactions,” according to DIFC Authority CEO Arif Amiri.
“DIFC offers a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, enabling businesses and investors to tap into key emerging markets across the MEASA region and thereby supporting the achievement of their respective business objectives,” he added.
“The DIFC is an attractive choice in a number of ways, offering a range of benefits, providing access to 100% foreign ownership, zero tax, DIFC law, and DIFC infrastructure,” Jorn Hinge, who led UASC as CEO until the closing, added.
