Latham and The Law Office of Salman M. Al-Sudairi Advise Mawani on Landmark SAR 9 Billion (US$ 2.4 Billion) Investment in the Saudi Port Sector
Latham & Watkins and the Law Office of Salman M. Al-Sudairi have advised Mawani - the Saudi Port Authority - on two 30-year build-operate-transfer (BOT) concessions with global port operator DP World and regional port operator Red Sea Gateway Terminal Company for the development and operation of container terminals at Jeddah Islamic Port.
Combined, the operators will invest approximately SAR9 billion (US$2.4 billion) and increase the capacity of the container terminals by 60% to approximately 12 million TEUs.
The deals represent a key milestone in the delivery of the government’s privatization objectives for the transportation sector and the government’s objective to position the Kingdom as a global logistics hub. Financial close is targeted for Q1 2020.
Latham advised Mawani in the transaction with an infrastructure team led by Dubai counsel Derek McKinley, with Dubai partner Villiers Terblanche, Dubai associates Marc Makary, Muhannad Al-Najjabb, and Mohsin Shafi, and New York associate Ramin Montazeri.
The Law Office of Salman M. Al-Sudairi advised Mawani on Saudi law matters.