Riyadh - Sharikat Mubasher: Neom, the futuristic city of Saudi Arabia, signed an agreement with the global transport and logistics company, DSV, to establish a logistics joint venture (JV) worth $10 billion, the Saudi entity revealed in a press release.

51% of the joint venture will be owned by Neom while DSV will own the remaining 49%.

As per the agreement, the JV will offer 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.

Nadhmi Al-Nasr, CEO of Neom, said: “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 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,” Al-Nasr added.

For his part, Jens Bjørn Andersen, Group CEO of DSV, affirmed that Neom provides “a unique opportunity for DSV to support a development that is at the forefront of innovation, technology and digital transformation.”

He elaborated: “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.”

Furthermore, both Neom and DSV will allocate a portion of the JV’s revenues to foster the development of groundbreaking technologies and commercialize new sustainable next-generation logistics solutions.

Moreover, the partnership highlights Neom’s commitment to revolutionize the Kingdom’s logistics sector, and paves the way for pioneering sustainable logistics solutions.