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CMA CGM to boost its involvement in Saudi’s port and logistics projects: Saudi Arabia’s Ministry of transport and logistics inked an MoU with France’s logistics giant CMA CGM to expand cooperation in maritime transport, logistics and investment in the country, according to a statement. The agreement was signed during French President Emmanuel Macron’s state visit to the Kingdom this week.
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Details are scant: Under the agreement, CMA CGM will target projects developing Red Sea port infrastructure, as well as inland multimodal and logistics services, Loadstar reported, citing comments made by CEO Rodolphe Saade.
Not CMA CGM’s first venture in KSA: Saudi Arabia’s Almajdouie Logistics formed a joint venture (JV) with France-based CMA CGM’s logistics arm CEVA Logistics back in July to boost logistic services in the Kingdom, which was finalised in October. CEVA Logistics holds majority control over the JV, though the exact ownership split was not disclosed.
That’s not all: Saudi Ports Authority (Mawani) and CMA CGM broke ground a year ago 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 next year.
