NEOM and DSV announced a US$10 billion exclusive logistics joint venture to support the development of ambitious projects taking shape in NEOM, a special economic zone in Saudi Arabia.
NEOM is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory.
“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,” said Jens Bjørn Andersen, CEO of DSV.
NEOM will hold 51% of the joint venture with DSV holding the remaining 49%. 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.
The two companies said they are committed to driving innovation and allocating a portion of the JV’s revenues to foster the development of groundbreaking technologies and commercialise new sustainable next-generation logistics solutions.
