RIYADH – Oct. 14, 2024 – CEVA Logistics and Almajdouie Logistics have finalized the creation of a joint venture in Saudi Arabia, marking a significant step forward in the Kingdom’s logistics sector. This partnership, first announced in July and approved by Saudi authorities, aims to meet the rising demand for integrated logistics solutions within the country, which aligns with Saudi Arabia’s economic diversification efforts under Vision 2030.
The newly formed company, CEVA Almajdouie Logistics, combines the strengths of both partners—leveraging Almajdouie’s extensive domestic infrastructure and CEVA’s global network. The joint venture is poised to become one of the top logistics players in the Kingdom, a market that has been expanding rapidly in recent years.
Headquartered in Damman, the joint venture will employ around 2,000 people and manage a fleet of over 2,000 assets, delivering end-to-end logistics solutions across Saudi Arabia. This collaboration builds on a long-standing relationship between the two companies, with CEVA Logistics operating in the region since the 1980s and previously partnering with Almajdouie in the finished vehicle logistics sector.
Bassel El Dabbagh will take the helm as CEO of CEVA Almajdouie Logistics, ensuring the seamless integration of the two firms’ operations. For Saudi businesses, the joint venture represents a significant opportunity to access globally connected logistics services, enhancing their ability to compete on the international stage.
Chairman Mohammed Almajdouie emphasized the strategic nature of this partnership, noting how it aligns with Saudi Arabia’s Vision 2030, which is aimed at reducing the country’s reliance on oil and developing other sectors such as logistics. Almajdouie commented, “We believe this is the right time to join forces with a global leader like CEVA and offer fully integrated logistics solutions to support the Kingdom’s rapid transformation.”
CEVA Logistics CEO, Mathieu Friedberg, echoed this sentiment, highlighting the importance of this deal for both companies and their customers. “The Saudi market is experiencing robust growth, and the joint venture will provide the connectivity and logistics services essential to driving that growth forward,” Friedberg stated.
The joint venture was announced during the inaugural Global Logistics Forum in Riyadh, a significant event that brings together key industry leaders to discuss the future of global logistics. The forum, hosted by the Ministry of Transport and Logistic Services, reflects the Saudi government’s commitment to positioning the country as a global logistics hub.
