Riyadh - Sharikat Mubasher: Almajdouie Logistics, a leading Saudi-based end-to-end logistics solutions provider, signed the final agreement with the global leader in third-party logistics, CEVA Logistics, to create a joint venture (JV) in Saudi Arabia.
The JV, named CEVA Almajdouie Logistics, will leverage the expertise of both companies to meet the growing demand for integrated logistics solutions in the Kingdom and support the growing Saudi logistics sector and the overall economy, the company announced in a press release.
The agreement was signed during the inaugural Global Logistics Forum 2024 that took place in Riyadh from 12 to 14 October.
Under this agreement, CEVA Logistics holds a majority stake in the new JV.
CEVA Almajdouie Logistics, headquartered in Dammam, will enable customers to benefit from Almajdouie’s domestic infrastructure integrated with CEVA’s global network.
The JV will be led by CEO Bassel El Dabbagh, with around 2,000 employees in the Kingdom and a local fleet of more than 2,000 assets.
Mohammed Almajdouie, Chairman of CEVA Almajdouie Logistics, said: “Our JV with CEVA Logistics marks the beginning of a new chapter that strengthens the global reach of Saudi businesses. We are proud to align our growth with the nation’s Vision 2030 goals and are eager to continue playing a key role in Saudi Arabia’s transformation.”
Meanwhile, Mathieu Friedberg, CEO of CEVA Logistics, stated that the new JV reflects the commitment of both companies to providing their customers with world-class logistics services.
“Our partner’s existing business and reputation in KSA will ensure the JV starts off as one of the top five logistics players in the Kingdom of Saudi Arabia. We see the deal as a strong, strategic move for both partners and great news for our customers,” Friedberg concluded.
