CEVA, Almajdouie plan joint venture in Saudi Arabia
CEVA Logistics to control the majority of the newly established joint venture
CEVA Logistics has signed a joint venture agreement with Almajdouie Logistics, one of the leading logistics providers in the Kingdom of Saudi Arabia (KSA).
The signed agreement now awaits review and approval by the necessary regulatory authorities, says an official release from CEVA.
CEVA Logistics would control the majority of the newly established joint venture, the release added. "The JV would mark a major milestone in both companies’ growth strategies. Almajdouie Logistics would benefit from CEVA’s strong global network, allowing it to serve its growing portfolio of customers with end-to-end integrated logistics solutions anywhere in the world. At the same time, CEVA Logistics would continue building an established and strong presence in Saudi Arabia to fulfil its regional growth strategy. Once completed, the JV organisation would have around 2,000 employees in KSA and a local fleet of more than 2,000 assets."
Mohammed Almajdouie, CEO, Almajdouie Logistics says: “By pooling our expertise and resources through this partnership, we aim to strengthen our competitive advantage and offer an integrated and comprehensive suite of logistics services enabling us to capitalise on the opportunities presented by the Kingdom's vibrant and rapidly evolving business landscape. We can accomplish together what we cannot achieve separately.”
Mathieu Friedberg, CEO, CEVA Logistics adds: “Around the world, CEVA is extending our local knowledge for the benefit of our customers. We have worked successfully with Almajdouie Logistics over the past decade, and with the growing market in Saudi Arabia, this joint venture would strengthen our local presence. By combining our complimentary capabilities, the JV’s customers would have access to bespoke global solutions implemented reliably by local experts.”
With 2023 revenue of $20.2 billion, CEVA Logistics is part of the CMA CGM Group, a global player in sea, land, air and logistics solutions.
Headquartered in Dammam, Saudi Arabia, Almajdouie Logistics operates seven offices around the Kingdom with over 2,000 employees.