NEOM & DSV establish $10 billion logistics joint venture

PRESS RELEASE 

24-10-2023

– Multi-billion-dollar leading logistics joint venture to provide a full suite of ground, sea and air logistics services.

– The partnership will focus on the logistics services need for NEOM, with unprecedented demand growing the joint venture and adding value to the local economy through services and jobs.

– The joint venture will drive innovation leveraging existing R&D efforts and further push commercialisation of new solutions and technologies.

NEOM and DSV announce a USD 10 billion exclusive logistics joint venture to support the development of the ambitious projects taking shape in NEOM, Saudi Arabia. The partnership will focus on providing logistics services for NEOM in the coming years.

Under the agreement, the joint venture will provide end-to-end supply chain management, development and investments in transport and logistics assets and infrastructure as well as transport and delivery of goods and materials within NEOM.

NEOM will hold 51% of the joint venture with DSV holding the remaining 49%.

NEOM envisions unparalleled demand for construction logistics through to 31 December 2031, with sustained growth in non-construction logistics thereafter. In addition to its impact on the logistics landscape, the venture is expected to boost the Saudi economy, through infrastructure development and creating more than 20,000 job opportunities.

The full release can be found here.