The Caisse de dépôt et placement du Québec is paying US$2.5 billion plus debt for a 22 per cent stake in key Emirati assets, including a major port and two business parks. The deal builds on CDPQ’s existing partnership with the UAE’s state-owned logistics giant DP World, which was struck in 2016 to invest in global ports. (The Logic)

Talking point: The transaction is the first foreign direct investment in DP World, according to the Financial Times. Other investors will also have the opportunity to buy an additional US$3 billion of the assets, which have been valued at US$23 billion in the deal with the Quebec pension fund manager. In recent years, pension funds have been more attracted to backing infrastructure investments for their more predictable returns. Emmanuel Jaclot, executive vice-president and head of infrastructure at CDPQ, said in a release that the investment would give the pension fund exposure to “new fast-growing markets and trade routes in Africa and South Asia.”