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DP World sells 75% of operations in Australia

Dubai-based ports operator DP World has sold 75% of its Australian operations to private equity firm Citi Infrastructure Investors (CII) for $1.5bn, as part of a plan to reduce debt and focus on more profitable markets, Reuters has reported. "This is part of our strategy of continued growth in emerging markets without increasing overall leverage in our business," DP World chief executive Mohammed Sharaf said.