Dubai's DP World has said it plans to delist its shares from the London market, where it commands a £9.8bn valuation but where its stock barely trades.

The port operator and infrastructure developer, which listed in London in 2011, said 99 per cent of its shareholders hold the stock via its other listing on Nasdaq Dubai.

DP World said:

Against this backdrop, the Directors believe that the Dubai listing is a sound base for DP World's international shareholder base. As such, the Directors, and separately the independent directors of DP World, are of the view that there is no material benefit in maintaining the London listing.

At the same time, DP World announced it would buy Dubai economic zone developer and operator Economic Zones World, for $2.6bn including the assumption of $859m net debt.

The FT's Simeon Kerr in Dubai points out that trade, led by DP World and Jebel Ali Free Zone, has formed a crucial aspect of Dubai's economic recovery after the global financial crisis. Activity at Jebel Ali's port and free zone is believed to constitute around a quarter of the emirate's gross domestic product.

With the services-oriented economy in the midst of a new boom, conglomerate Dubai World is close to sealing a deal to extend repayment of $10.5bn of restructured loans due in 2018 to global financial institutions.

In 2013, Economic Zones World generated revenue of $430m with profit of $221m. Jebel Ali Free Zone, a 57 sq.m. commercial and logistics facility next to DP World's flagship Jebel Ali port, accounts for 97 percent of EZW's revenues and profit.