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Saudi Arabia’s new mega city NEOM: Freshfields advises on $10bn logistics joint venture
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised DSV a 10 billion US-Dollar exclusive logistics joint venture to support the development of the ambitious projects taking shape in NEOM, in north-western Saudi Arabia, near the Red Sea. The partnership will focus on providing logistics services for NEOM in the coming years.
NEOM and DSV are committed to driving innovation and will allocate a portion of the joint venture’s revenues to foster the development of ground-breaking technologies and commercialise new sustainable next-generation logistics solutions.
The joint venture is a significant milestone demonstrating NEOM's commitment to revolutionising Saudi Arabia's logistics sector and paves the way for pioneering sustainable logistics solutions based on DSV’s know-how and expertise, marking a new chapter in the journey towards realising Saudi Vision 2030. The economic benefit to this partnership will not only create tens of thousands of jobs but will also enable growth and building a future-leaning economy.
DSV is a global transport and logistics company headquartered in Denmark with more than 75,000 employees in over 80 countries working passionately to deliver great customer experiences and high-quality services across the globe.
The Freshfields team comprised Partners Heiner Braun (Corporate, Frankfurt), Michael Hilton, Associate Liviu Giuran (both Corporate, Abu Dhabi), Partners Uta Itzen (Düsseldorf), Andreas von Bonin, Principal Associate Enrica Schaefer (both Brussels), Associate Niklas Andree (Düsseldorf, all Competition Law).
Freshfields worked together with Moalem Weitemeyer, the Copenhagen-based law firm is part of Freshfields’ worldwide StrongerTogether network. GLA & Company acted as Saudi law counsel on the transaction. “We thank the teams around co-founding partner Dan Moalem from Moalem Weitemeyer and Alex Saleh from GLA & Company for the excellent cooperation on this unique transaction,” says Heiner Braun.
