CEVA Logistics has signed an agreement with Almajdouie Logistics to create a new joint venture logistics company in Saudi Arabia.
The two partners said that CEVA Almajdouie Logistics will "leverage the strengths of both companies to meet the growing demand for integrated logistics solutions in Saudi Arabia to support the Kingdom’s growing logistics sector and overall economy".
CEVA Logistics will control a majority stake in the joint venture, although the exact split was not revealed.
The two companies have worked together for a number of years and even launched a separate joint venture in the past addressing the finished vehicle logistics market.
"Customers will benefit from Almajdouie’s domestic infrastructure integrated with CEVA’s global network," the two said.
The company will be headquartered in Damman and led by chief executive Bassel El Dabbagh.
CEVA Logistics chief executive Mathieu Friedberg said: “With the Saudi market experiencing significant growth, seamless logistics and global connectivity are essential for the domestic economy.
"Both companies contributing to this joint venture have a shared vision for growth and a commitment to providing our customers with world-class logistics services. Our partner’s existing business and reputation in KSA will ensure the JV starts off as one of the top five logistics players in the Kingdom of Saudi Arabia.
"We see the deal as a strong, strategic move for both partners and great news for our customers.”
Mohammed Almajdouie, chairman, CEVA Almajdouie Logistics, added: “At Almajdouie Holding, our logistics arm has been growing in tandem with the local economy. We have been involved in the logistics sector since the early stages of the Kingdom’s development, serving major industries and contributing to the country’s rapid transformation.
"We are confident that now is the right time to join forces with a global logistics leader and offer truly integrated global services to our customers."
https://www.aircargonews.net/freight-forwarder/bollore-logistics-brand-to-go-as-ceva-integration-continues/
