Dubai – The Dubai International Financial Centre (DIFC), a financial free zone in the United Arab Emirates, celebrated the joining of German-based shipping company Hapag-Lloyd following the completion of the latter’s merger with the United Arab Shipping Company (UASC), Emirates News Agency (WAM) reported this Wednesday (14).
Shipping company UASC was established in 1976 by Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, Iraq and Kuwait. Originally based in Kuwait, the company relocated to the DIFC for the merger.
According to WAM, the merger completed in late May was one of the biggest ever involving DIFC-based enterprises, and in the Gulf as a whole. The companies share a combined 230 vessels and USD 12 billion in turnover, making it the 5th biggest shipping company in the world.
“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,” DIFC CEO Arif Amiri said. To enable the merger, UASC relied on structures available from the DIFC, such as Intermediate Special Purpose Vehicles (ISPVs) and Special Purpose Companies (SPCs).
UASC’s CEO through the merger’s completion, Jorn Hinge, added that the DIFC offers a range of benefits, including 100% foreign ownership, zero tax and an internationally benchmarked regulatory and legal system.
*Translated by Gabriel Pomerancblum
