Clifford Chance

Clifford Chance advises DP World on the sale of a minority stake in its strategic UAE assets to CDPQ for US$5 billion

Leading international law firm, Clifford Chance, is advising long standing client DP World (a global infrastructure-led supply chain solutions provider) on the sale of a minority stake in three of its flagship UAE assets (the Jebel Ali Port, Jebel Ali Free Zone and National Industries Park) to CDPQ, a global investment group, for US$5 billion. Other long-term investors will have the opportunity to acquire an additional stake of up to US$3 billion.

The transaction implies a total enterprise value of approximately US$23 billion for the Jebel Ali Port, Jebel Ali Free Zone and National Industries Park, which together form a world-class integrated ecosystem for the supply and logistics chains of over 8,700 companies from around the world, serving more than 3.5 billion people globally.

Tranche 1 (US$5 billion) of the transaction is expected to close in the second or third quarter of 2022, and tranche 2 (up to US$3 billion) is expected to close during the fourth quarter of 2022.

The Clifford Chance team advising DP World was jointly led by partners Deniz Tas (M&A) and Tariq Imam (Real Estate/Infrastructure), together with support from a core team based in Dubai comprising counsel Daniel Boyle, senior associates Tom Lloyd and Isabel Freudenberg, associates James Dadford, Mohamed Tighilt, Maximiliano Valli, Sima Al-Baterni and Ahmed Shafiek and trainee Shannon Burke.

The team was assisted by various experts from across the Clifford Chance network, including:

• Financing: Graham Brewer (partner, Dubai), Robin Abraham (partner, Dubai/London) and Bola Coker (senior associate, Dubai)
• Capital Markets: Stuart Ure (partner, Dubai) and Alekhya Prakash (counsel, Dubai)
• Tax: Richard Kalaher (partner, London), Julian Feiner (director, London) and Jason Doukakis (trainee, London)
• Infrastructure: Mohamed Hamra-Krouha (partner, Abu Dhabi) and Michael Pearson (partner, London)
• IT/transitional services: Andre Duminy (partner, London) and Eliot Cohen (associate, London)
• Antitrust: Greg Olsen (partner, London) and Stavroula Vryna (senior associate, London)
• Compliance: Paul Coates (partner, Dubai) and Rany Rifaat (associate, Dubai)
• Regulatory: Jack Hardman (partner, Dubai)

The team also worked very closely with the core DP World legal team led by James Pointon with support from Louisa Boyack and Angela Wang, as well as Ian Le Pelley (partner at Addleshaw Goddard) as co-adviser to DP World.

In reference to the transaction, Deniz Tas comments: "It has been an absolute privilege supporting DP World on its strategic partnership with CDPQ covering its crown jewel assets in the UAE. This transaction represents yet another significant step for DP World since its take private in 2020 and we are thrilled to continue to be part of its journey."

Tariq Imam adds: "The firm has been advising on these assets for many years, so it’s really pleasing to be able to utilise that knowledge, and the firm’s strength in depth across disciplines, to contribute to such a marquee transaction for DP World. The transaction is clearly a strong endorsement for Dubai's real estate and logistics sectors, and for FDI into the UAE more broadly."