NEOM and Danish transport and logistics company, DSV have announced a $10 billion exclusive logistics joint venture to support the development of the ambitious projects taking shape in NEOM, Saudi Arabia.
Under the agreement, the joint venture will provide end-to-end supply chain management, development, and investments in transport, logistics assets, infrastructure, transport as well as delivery of goods and materials within NEOM.
The partnership will focus on providing logistics services for NEOM in the coming years. NEOM will hold 51 percent of the joint venture with DSV holding the remaining 49 percent.
Nadhmi Al Nasr CEO – NEOM
“This partnership not only shows the reality of NEOM and its vision but also the private sector’s level of confidence to join us on this journey. The projected demand in both construction and non-construction logistics will make NEOM one of the largest customers in the world, and this partnership allows NEOM to create value from its demand. Working alongside one of the world’s leading logistics companies, the joint venture with DSV will build on expertise and know-how to drive innovation and sustainability throughout the logistics value chain.”
“The economic benefit to this partnership will not only provide tens of thousands of jobs, but it will also enable growth to capture local and regional market share. It’s a living example of Saudi Vision 2030 in action, fostering job creation and building a future-leaning economy,” commented Mr. Al-Nasr.
Mr. Jens Bjørn Andersen, Group CEO of DSV, said that, “NEOM is one of the largest and most complex projects in the world. It provides a unique opportunity for DSV to support a development that is at the forefront of innovation, technology, and digital transformation. DSV already has a strong presence in Saudi Arabia, and this is a significant growth opportunity for us in the region and we look forward to working with NEOM Company and bringing our logistics capabilities to the table.”
The new joint venture is a significant milestone demonstrating NEOM’s commitment to revolutionizing Saudi Arabia’s logistics sector, and paves the way for pioneering sustainable logistics solutions, marking a new chapter in its journey towards realizing Vision 2030.
