NEOM Company will be a 51% shareholder and DSV will be a 49% shareholder. The joint venture is expected to require a USD 10 billion gross investment, and the total shareholder funding commitment up and until 31 December 2031 will be a total of USD 5 billion to be provided pro rata to the parties’ shareholdings.
The joint venture will provide a full suite of ground, sea and air logistics services to support the development of the ambitious projects taking shape in NEOM, Saudi Arabia. In addition to its impact on the logistics landscape, the joint venture is expected to boost the Saudi economy, through infrastructure development and creating more than 20,000 job opportunities.
NEOM Company is the master developer of the assets in the NEOM territory, a region in northwest Saudi Arabia on the Red Sea being built from the ground as a living laboratory with a vision of what the future might look like.
DSV is a leading global supplier of transport and logistics services with more than 75,000 employees in over 80 countries working passionately to deliver great customer experiences and high-quality services.
Completion of the joint venture is subject to customary regulatory approvals, which are expected to be obtained in Q2 of 2024.
The team from Moalem Weitemeyer worked alongside Heiner Braun and his team from Freshfields Bruckhaus Deringer
and Alex Saleh and his team from GLA & Company
, both firms acting as co-counsels to DSV
See the press release here