NEOM, Kingdom of Saudi Arabia, Oct. 24, 2023 /PRNewswire/ -- NEOM and DSV announce an exclusive $10 billion 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 transportation and logistics infrastructure and assets, as well as transportation and delivery of goods and materials within NEOM.
NEOM will own 51% of the joint venture and DSV will own the remaining 49%.
NEOM forecasts unmatched demand for construction logistics through December 31, 2031, with sustained growth in non-construction logistics thereafter. In addition to its impact on the logistics landscape, the company is expected to boost the Saudi economy by developing infrastructure and creating more than 20,000 employment opportunities.
Nadhmi Al-Nasr, CEO of NEOM, commented: "This partnership not only shows the reality of NEOM and its vision, but also the level of confidence of the private sector to accompany us on this journey. The projected demand in construction and non-construction logistics construction will make NEOM one of the world's largest customers, and this partnership allows NEOM to create value from its demand. Working together with one of the world's leading logistics companies, the joint venture with DSV will take advantage of the experience and knowledge to drive innovation and sustainability across the logistics value chain. The economic benefit of this partnership will not only provide tens of thousands of jobs, but will also enable growth to capture local market share and regional. It is a living example of Saudi Vision 2030 in action, fostering job creation and building a future-oriented economy."
Jens Bjørn Andersen, Group CEO, DSV, said: "NEOM is one of the largest and most complex projects in the world. It provides a unique opportunity for DSV to support a development that is at the forefront of innovation, technology and digital transformation. 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."
NEOM and DSV are committed to driving innovation and will allocate a portion of the joint venture revenues to foster the development of innovative technologies and commercialize new, next-generation sustainable logistics solutions. The vision extends further by establishing a dedicated innovation center at NEOM.
The new joint venture is an important milestone that demonstrates NEOM's commitment to revolutionizing Saudi Arabia's logistics sector and paves the way to pioneer sustainable logistics solutions, marking a new chapter in its journey towards realizing Vision 2030.
About NEOM
NEOM is an accelerator of human progress and a vision of what a New Future could look like. It is a region in northwest Saudi Arabia, on the Red Sea, that is being built from the ground up as a living laboratory, a place where entrepreneurship will chart the course of this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model of exceptional livability, creating thriving businesses and reinventing environmental conservation.
NEOM will include hyper-connected cognitive cities, ports and business zones, research centers, sports and entertainment venues and tourist destinations. As an innovation hub, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and companies in innovative ways. NEOM residents will embody an international spirit and embrace a culture of exploration, risk-taking and diversity. For more information, email media@neom.com or visit www.neom.com and www.neom.com/en-us/newsroom.
Acerca de DSV – Global Transport and Logistics
At DSV, we keep supply chains flowing in a world of change. We provide and manage supply chain solutions for thousands of businesses every day, from small family businesses to large global corporations. Our reach is global, but our presence is local and close to our clients. More than 75,000 employees in more than 80 countries work passionately to deliver great customer experiences and high-quality services. We aspire to lead the way towards a more sustainable future for our industry and are committed to trading on nature's terms.
DSV is a dynamic organization that promotes inclusion and diversity. We conduct our business with integrity, respecting different cultures and the dignity and rights of people. For more information, visit www.dsv.com.
This material is distributed by Teneo Strategy LLC on behalf of NEOM Company. Additional information is available from the Department of Justice, Washington, DC.
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