CEVA Logistics and Almajdouie Logistics Establish Joint Venture in Saudi Arabia

CEVA Logistics and Almajdouie Logistics have signed a definitive agreement to establish a joint venture in Saudi Arabia to meet rising demand for integrated logistics solutions. The signing ceremony took place during the inaugural Global Logistics Forum held in Riyadh. CEVA Logistics holds the majority stake in the joint venture.

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The new joint venture, named CEVA Almajdouie Logistics and first announced in July 2024 with approval from the relevant Saudi authorities, aims to combine the strengths of both companies to support Saudi Arabia's growing logistics sector and broader economy. Headquartered in Dammam, the company will operate under the leadership of CEO Bassel El Dabbagh with approximately 2,000 employees and a fleet of more than 2,000 local vehicles.

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CEVA Logistics CEO Mathieu Friedberg said, "As the Saudi Arabian market experiences significant growth, seamless logistics and global connectivity are vital to the local economy. Both companies contributing to this joint venture share a common vision for growth and a commitment to delivering world-class logistics services to our customers. Our partner's existing business operations and reputation in the Kingdom of Saudi Arabia will position the joint venture to begin as one of the country's top five logistics operators. We view this agreement as a strong, strategic move for both partners and excellent news for our customers."

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Key Points:

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• CEVA Logistics and Almajdouie Logistics have established a joint venture under the name CEVA Almajdouie Logistics.

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• The joint venture aims to meet rising demand for integrated logistics solutions in Saudi Arabia.

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• The company will be headquartered in Dammam and managed by CEO Bassel El Dabbagh.

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• It will have approximately 2,000 employees and a fleet of more than 2,000 local vehicles.

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• The signing ceremony took place during the inaugural Global Logistics Forum in Riyadh.

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• CEVA Logistics will hold the majority stake in the joint venture.

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News Link: https://www.porttechnology.org/news/ceva-logistics-almajdouie-logistics-form-new-joint-venture/

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