GLA & Co Advised NEOM Seal Landmark Logistics Joint Venture with DSV

GLA & Co Advised NEOM Seal Landmark Logistics Joint Venture with DSV

GLA & Co, a regional law firm in the MENA region with offices in Dubai, Abu Dhabi, Riyadh, Kuwait, Cairo, and Beirut, has advised NEOM, Saudi Arabia's mega-project, on a groundbreaking $10 billion logistics joint venture with DSV-Global Transport and Logistics.

The joint venture is a major milestone in NEOM's development, and it will play a vital role in the city's transformation into a global trade and logistics hub.

NEOM's exclusive logistics joint venture with DSV will invigorate Saudi Arabia's logistics sector and accelerate the country's Vision 2030, demonstrating NEOM's steadfast commitment to sustainable logistics solutions.

Pending customary regulatory approvals expected in Q2 2024, the NEOM-DSV joint venture is poised to indelibly impact the Saudi Arabian economy.

In this visionary partnership, NEOM Company, the master developer of NEOM, holds a majority stake of 51 per cent, with DSV holding the remaining 49 per cent. The two companies have committed an impressive $10 billion to the joint venture, which will be split equally between them up until December 31, 2031.

The NEOM-DSV joint venture will offer a comprehensive range of ground, sea, and air logistics services essential for realising ambitious projects in NEOM. As a cutting-edge living laboratory for the future, NEOM's Red Sea location is poised to spur economic growth and infrastructure development in Saudi Arabia, generating over 20,000 jobs and contributing to the country's sustainable growth.

NEOM Company, the forward-thinking master developer of the NEOM region, is strategically located in the north-western region of Saudi Arabia, adjacent to the Red Sea coastline. Its primary objective is to establish a dynamic living laboratory that offers a glimpse into the future, highlighting the boundless potential of human ingenuity and technological advancements.

DSV-Global Transport and Logistics, a global leader in transport and logistics services, is NEOM's strategic partner in this project. DSV's dedicated workforce of over 75,000 employees in more than 80 countries is passionate about delivering exceptional customer experiences and high-quality services. This strategic partnership will allow both entities to leverage their expertise and resources to shape the future of logistics within NEOM.

The NEOM-DSV joint venture has the potential to revolutionize the logistics sector, enabling NEOM to accelerate its ambitious projects, boost economic growth, and usher in a new era of sustainable logistics solutions. This ground-breaking partnership represents a momentous achievement in NEOM's continuous pursuit of its Vision 2030 and reaffirms Saudi Arabia's dedication to promoting innovation and global progress.

“We are proud to have been part of this transformative venture that will leave a lasting impact on the logistics industry and the Saudi economy. Our dedicated team worked tirelessly to ensure the success of this deal, and we are excited to see the positive changes it will bring to NEOM and the region,” Fawaz Aldubaikhi, Saudi Partner at GLA & Co, remarked on the deal.

“For us, this deal was important in two ways. First, it was wonderful to reunite with Moalem Weitemeyer and Freshfields again as we worked with amazing team members from these top law firms on the DSV $4 Billion acquisition of Agility a couple of years ago. Second, this deal highlights the strength of our Saudi practice, which is quickly becoming a leading local law firm in Riyadh,” Alex Saleh, Managing Partner, added.

The GLA & Co team was jointly led by Alex Saleh and Ahmad Saleh, supported by the valuable contributions of Fawaz Aldubaikhi, Maha El Miehy, Asad Ahmad, Shahad Al Humaidani, and Hussein Ali Bu Najimah.