NEOM, DSV establish $10 bln logistics joint venture

Saudi Arabia’s future city NEOM has entered into a $10 billion logistics joint venture with Denmark’s DSV to support supply chain operations, the partners announced on Tuesday.

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.

The two partners are committed to driving innovation and will allocate a portion of the JV’s revenues to foster the development of ground-breaking technologies and commercialise new sustainable next-generation logistics solutions.

Nadhmi Al-Nasr, CEO of NEOM said “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.”