At the time of writing (2021), I am part of the Project Management Consultant team at Expo 2020 Dubai. The role of the PMC was awarded to Mace and Jacobs in a joint venture (JV). A JV is essentially when two companies work together on a project or programme instead of alone. Companies typically decide to team up on programmes or large projects which have numerous or complex requirements and there are various advantages and disadvantages to doing so.
Advantages of a joint venture?
Joint ventures help companies provide a competitive edge and win work that they might not have won on their own.
Pooling resources often means drawing upon a wider skill set. This is not only a benefit for the client but beneficial for each other as the people work together and learn from each other.
Both organisations share the risks and also costs associated with the project.
Its a great way to network with organisations that might not have crossed your path before.
Disadvantages of a joint venture?
Ensuring equal or fair involvement may be difficult
There may be different ways of working and different standards that result in a clash. This can cause conflict between the team.
Thorough planning is essential to make a JV work well. Much more planning than necessary if working as one organisation.
Expo 2020 'Al Wasl Plaza'
In summary, a joint venture is often high risk but high reward. If organisations do thorough planning and due diligence and spend time setting up a model that works, then a joint venture is a great way to go. In my experience at Expo 2020 Dubai, it has certainly worked very well.
Expo 2020 Joint Venture
The below video shows a summary of all of the hard work and efforts put in by the Jacobs Mace joint venture at Expo 2020. You will see how growing together with partners, stakeholders and clients is important in producing excellent end results.
Clicking HERE to see the full post on the Mace Linkedin page