NEOM, DSV Establish $10 Billion Logistics Joint Venture

NEOM, DSV Establish $10 Billion Logistics Joint Venture

NEOM and DSV announced on Tuesday a $10 billion exclusive 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 transport and logistics assets and infrastructure as well as transport and delivery of goods and materials within NEOM.

NEOM will hold 51% of the joint venture with DSV holding the remaining 49%.

NEOM envisions unparalleled demand for construction logistics through to December 31, 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 Saudi economy, through infrastructure development and creating more than 20,000 job opportunities.

Nadhmi Al-Nasr, CEO of NEOM, said: “This partnership not only shows the reality of NEOM and its vision, but also the private sector's level of confidence to join us on this journey.”

“The projected demand in both construction and non-construction logistics will make NEOM one of the largest customers in the world, and this partnership allows NEOM to create value from its demand,” he added.

“Working alongside one of the