CEVA Logistics, as part of its strategic plan, announced the signing of a Joint Venture (JV) agreement with Almajdouie Logistics, a logistics provider in Saudi Arabia.
The agreement is now pending regulatory approval. CEVA Logistics will hold the majority stake in the new JV.
Almajdouie Logistics stands to benefit from CEVA’s expansive global network, enhancing its ability to offer comprehensive end-to-end logistics solutions worldwide to its expanding customer base.
“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 capitalize on the opportunities presented by the Kingdom’s vibrant and rapidly evolving business landscape. We can accomplish together what we cannot achieve separately,” explained Mohammed Almajdouie, CEO of Almajdouie Logistics.
Concurrently, CEVA Logistics aims to strengthen its established presence in Saudi Arabia as part of its regional growth strategy.
Upon completion, the JV will employ approximately 2,000 staff in Saudi Arabia and manage a local fleet of more than 2,000 assets. It will target various industry sectors, including Saudi Arabia’s traditional energy and petrochemical industries, automotive, e-commerce, consumer goods, and retail.
“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 complementary capabilities, the JV’s customers would have access to bespoke global solutions implemented reliably by local experts,” mentioned Mathieu Friedberg, CEO of CEVA Logistics.
The combined expertise of local insights and global capabilities within the JV will enable local customers to broaden their geographical reach and enhance service for global customers entering the Saudi Arabian market.
