DP World which is the port management arm of Dubai World has decided that it will reduce stakes in its Australian businesses. Dubai World is currently facing huge debts and by selling stakes it plans to raise close to $1.5 billion.

The shares are going to be sold off to Citi investment fund. Besides getting it money, the unloading of stake in the sea cargo handler is also going to make the company's debt position stronger.

While it will continue with its strong footing in Australia with the help of money it can fuel growth in other emerging markets too.

It has also been said that DP World is going to keep with itself 25 per cent of stake and will continue to manage ports of Brisbane, Sydney, Melbourne, Adelaide and Fremantle.

While talking to media, DP World CEO Mohammed Sharaf said that the current decision is not part of any bigger dismantling program and has been done since it wants to stretch its operations on a global scale.

DP World is still considered to be one of the most profitable companies of Dubai and is the fourth largest port operator in the world.