White & Case advises DP World on financing of South Container Terminal at Jeddah Port
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Global Law firm White & Case LLP has advised DP World Limited and its subsidiary DP World Middle East Company Limited on a SAR1.28 billion project financing for the development and upgrade of the South Container Terminal at Jeddah Islamic Port located in Saudi Arabia.
DP World is a global leader in supply chain solutions. It was awarded its first terminal concession outside of the UAE 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. Part of the development works include 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 ongoing maintenance of terminal equipment.
Financing for the project 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 that advised on the transaction was led by partners Carina Radford and Debashis Dey and included partners Waad Alkurini, Alec Johnson, Claire Matheson-Kirton and Sherief Rashed, and associates Shamim Khan, Ben Rodin, Nisha Raman, Maaz Shahzad and Mikaela Nikolausson.
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