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DUBAI, United Arab Emirates — DP World, the port management arm of struggling state conglomerate Dubai World, sold the bulk of its Australian businesses to a Citi investment fund Wednesday for $1.5 billion in a bid to trim its debt.
Unloading the stake allows the cargo handler to cash in on its DP World Australia division yet retain a foothold in the country while it focuses on the emerging markets that fuel much of its growth.
