Investment company United Overseas Group is to acquire Dubai-based shipping company United Arab Chemical Carriers. The deal is subject to regulatory approvals and is expected to close in the first quarter, they said in a statement, without disclosing the value.
The sale of UACC, whose shareholders include the sovereign wealth funds of Saudi Arabia and Qatar, was held up in 2017 after a bitter diplomatic rift broke between the Gulf Arab states. The countries agreed this week to end the dispute that had seen Saudi Arabia and some allies cut ties with Qatar over accusations it supports terrorism. A charge Doha denies.
UOG is controlled by shipping industry veterans Peter Georgiopoulos and Leonidas Vrondissi.