KSA’s SEFZ project, DSV to establish US$10bn logistics JV
Kingdom of Saudi Arabia’s ‘NEOM’ special economic zone and DSV has announced a US$10 billion logistics joint venture (JV) to support the development of NEOM projects. Nadhmi Al-Nasr, Chief Executive, NEOM, said, the JV will focus on providing ground, sea and air logistics services for NEOM in the coming years. Under the agreement, the JV 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. According to the JV, NEOM will hold 51 per cent of the JV with DSV holding the remaining 49 per cent. NEOM envisions unparalleled demand for construction logistics to the end of 2031, with sustained growth in non-construction logistics thereafter. In addition to its impact on the logistics landscape, the venture is expected to boost the KSA economy, through infrastructure development and creating over 20,000 job opportunities.