DP World, which counts the container port in Prince Rupert as one of its key holdings, has increased its access to capital by striking a deal with an existing investor.
In an announcement on Sept. 2, a capital pool formed in 2016 with Canadian pension fund Caisse de depot du Quebec (CDPQ) will be bolstered by (US) $4.5 billion, bringing it to (US) $8.2 billion.
DP World is part of a subsidiary owned by the Dubai state.
The creation of the 2016 financing pool helped provide the capital for DP World’s Prince Rupert container port, creating a closer connection between North America and Asian markets.
“Alongside CDPQ, a steadfast partner whose long-term vision we share, we look forward to working together on new investments that will connect key international trade locations worldwide,” Sultan Ahmed Bin Sulayem, DP World’s group chairman and CEO, said.
DP World, however, has struggled this year because of economic downturn caused by the COVID-19 pandemic with a 56 per cent global loss.