Dubai World has announced that it has bought property developer Gazeley Limited from Wal-Mart for a fee reported to be within £300m and £400m.
Dubai World Chairman Sultan Ahmed Bin Sulayem said in a statement the acquisition was a milestone in the global expansion plans of its subsidiary Economics Zones World, which operates the Jebel Ali Free Zone in Dubai.
Gazeley, which also operates in continental Europe, has built Wal-Mart’s distribution warehouses in Britain and China and is helping the world’s biggest retailer with its expansion into India and Latin America.
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