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Almajdouie links up with CEVA to form logistics JV: Saudi Arabia’s Almajdouie Logistics is forming a joint venture (JV) with France-based CMA CGM’s logistics arm CEVA Logistics to boost logistic services in the Kingdom, according to a statement. No investment ticket or timeline for the JV were specified. CEVA Logistics will hold majority control over the JV, though the exact ownership split has not been disclosed.
Details: The JV will add around 2k jobs in Saudi Arabia and maintain a local fleet of over 2k assets. Almajdouie will leverage CEVA’s expansive global logistics network to offer end-to-end integrated logistics solutions to its growing international customer base, says the statement. CEVA will use Almajdouies’ strong domestic network to expand its presence in the Kingdom and the region. The new venture will offer its services to a variety of sector subsects including e-commerce, retail, automotive, and energy industries.
What they said: The partnership will “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,” Almajdouie CEO Mohammed Almajdouie said in the statement.
Not CMA CGM’s first venture in KSA: Saudi Ports Authority (Mawani) and CMA CGM began construction in November on their new SAR 487 mn integrated logistics area in Jeddah Islamic Port. The authority inked the agreement with the new logistics area — which is set to span over 130k square — meters back in 2022. The project is slated for completion in 1Q 2025.
About Almajdouie Logistics: The firm, headquartered in Dammam, offers a variety of services including freight forwarding, terminal handling, automotive logistics, and warehousing, according to their website. Almajdouie has 1.2 mn sqm of warehousing and terminal capacity in the Kingdom.
