White & Case advised DP World on funding for Jeddah Islamic Port upgrade
White & Case advised DP World on funding for Jeddah Islamic Port upgrade
The project financing is worth SAR1.28 billion
Global law firm White & Case LLP has advised DP World Limited and its subsidiary DP World Middle East Company Limited for the development and upgrade of the South Container Terminal at Jeddah Islamic Port in Saudi Arabia.
DP World is a global leader in supply chain solutions. It was awarded its first terminal concession outside the United Arab Emirates to operate the South Container Terminal, which serves as a crucial link in the world's busy east-west trade routes through the Red Sea and caters to a rich domestic cargo base.
Jeddah Islamic Port is the main import destination for Saudi Arabia, handling 59 percent of its imports by sea. A part of the development works includes dredging berth pockets and upgrading the quay walls to allow vessels of up to 18 metre draft to call at the terminal, and constructing a container yard and an engineering workshop for the ongoing maintenance of terminal equipment.
The project’s financing is provided by the Saudi British Bank (now Saudi Awwal Bank) and Gulf International Bank.
The White & Case team in London and the Middle East advising on the transaction was led by partners Carina Radford and Debashis Dey.
The team also comprised partners Waad Alkurini, Alec Johnson, Claire Matheson-Kirton, and Sherief Rashed, and associates Shamim Khan, Ben Rodin, Nisha Raman, Maaz Shahzad, and Mikaela Nikolausson.
