DUBAI, United Arab Emirates — DP World, one of the world's largest port operators, is delisting from the Nasdaq Dubai and returning to fully private ownership, the company announced Monday.

The UAE-owned port behemoth's parent company, Port and Free Zone World, has offered to buy the 19.55% of DP World's shares traded on the Nasdaq Dubai for $16.75 a share, representing a 29% premium on its closing price of $13 per share on Sunday, the statement said.

Following the announcement, the firm's stock rose 10% to $14.30 in morning trade in the Middle East.

The company said the move would enable DP World to "focus on its medium-to-long-term strategy of transforming from a global port operator to an infrastructure-led end-to-end logistics provider." Company executives described the company's public trading as ultimately too beholden to short-term returns.

Upon completion of the deal, it will be 100% owned by Port and Free Zone World.

The development could be bad news for the Nasdaq Dubai, for whom DP World has been a major draw for investors trading the publicly-listed shares. The Dubai-based exchange did not offer comment when contacted by CNBC. DP World had a market value of about $10 billion as of Monday morning, whereas the whole exchange is worth over $130 billion.

"The DP World Board has concluded that the disadvantages of maintaining a public listing outweigh the benefits," Yuvraj Narayan, group chief financial, strategy and business officer of DP World, said in the statement Monday.