Moody’s upgrades DB World’s credit rating

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Dubai – Mubasher: Moody’s Investors Services raised the credit rating of the DB World group.

The upgrade comes in the wake of two major investments in 2022 in 3 of the strategic assets of the “DB World” group in the Emirates, which include Jebel Ali Port, Jebel Ali Free Zone, and the National Industries Park, according to a press release.

The first investment was with the global investment group “Caisse de Dipo et Plasman du Quebec” in May, and the second was with the “Hasana Investment Company”, the investment manager of the Saudi General Organization for Social Insurance, in December.

The two investments achieved a value of $7.4 billion from selling a 32.2% stake in the assets of DB World in the UAE..

Yuvraj Narayan, Executive Vice President of DP World Group “DB World”, said earlier that the Dubai-based global logistics company expects a further decline in freight rates by between 15 and 20 percent during the current year, and that the worst is yet to come with a slowdown in freight rates. the demand.

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Narayan said there were clear initial indications of a significant drop in demand, and that freight rates fell significantly in certain tracks after agencies including the International Monetary Fund cut their growth forecasts.

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