Clifford Chance advises DP World

Clifford Chance has advised long standing client DP World (a global infrastructure-led supply chain solutions provider) on the c. US2.4 billion (SAR9.0 billion) investment in three of its flagship UAE assets by Saudi Arabia-based Hassana Investment Company (the investment manager for the General Organization for Social Insurance, which owns one of the world’s largest pension funds).

Hassana will invest c. USD2.4 billion in a new joint venture with DP World through which Hassana will hold its economic interest in a stake of c. 10.2 per cent in the Jebel Ali Port, Jebel Ali Free Zone and the National Industries Park. This investment is the second tranche of the sale of a strategic minority stake in these UAE assets, following the USD5 billion transaction which successfully closed earlier this year, and implies a total enterprise value of approximately USD23 billion for the three assets.

The Jebel Ali Port, Jebel Ali Free Zone and National Industries Park together comprise a best-in-class group of infrastructure assets, with a solid long-term track record of growth. Combined, they form a world-class integrated ecosystem for the supply and logistics chains of over 9,000 companies from around the world, serving more than 3.5 billion people globally. The three assets generated pro-forma 2021 revenue of USD1.9 billion.

The Clifford Chance team advising DP World was led by M&A partner Deniz Tas, together with support from a core team comprising partner Omar Rashid in Riyadh, as well as senior associates Tom Lloyd and James Dadford and associates Natasha El-Najjar, Tammie Le, Maximiliano Valli, Sima Al-Baterni and Ahmed Shafiek in Dubai. The team was also assisted by various experts from across the Clifford Chance network.