Dubai International Financial Centre (DIFC) has revealed that Hapag-Lloyd will base its merged business with UASC in the leading financial hub centre. With 230 vessels and a combined annual turnover of US$ 12 billion, the enlarged Hapag-Lloyd will be the world’s 5th biggest liner shipping company.
UASC was established in 1976 by six shareholding states as a supranational legal entity. To make the merger possible, UASC was first re-domiciled to DIFC, with the carrier using a number of special purpose vehicles (SPVs) and special purpose companies (SPCs) that were made available in the Centre.
“DIFC welcomes Hapag-Lloyd to the Centre following the successful completion of its multi-billion dollar merger with UASC,” says Arif Amiri, DIFC chief executive.”The move underlines how DIFC is quickly developing as a domicile of choice thanks to its experience in supporting companies with innovative structured financial transactions. DIFC offers a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, enabling businesses and investors to tap into key emerging marketers across the region.”