CEVA, Almajdouie form Saudi JV

CEVA Logistics has signed the final agreement with Almajdouie Logistics to create a joint venture in Saudi Arabia, following approval by the relevant Saudi authorities. The two companies have an ongoing collaboration since the 1980s, including a separate joint venture addressing the finished vehicle logistics market. 

The CEVA Almajdouie Logistics aims to 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 controls a majority stake of the joint venture.

Now, the collaboration of CEVA Almajdouie Logistics merges the transportation and logistics operations of both companies in Saudi Arabia. Almajdouie’s domestic infrastructure, combined with CEVA’s global network, will bring benefits to customers. The joint venture organization, headquartered in Dammam, will be overseen by CEO Bassel El Dabbagh and will have approximately 2,000 employees in KSA, along with a local fleet of over 2,000 assets.

“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,” Mohammed Almajdouie, chairman, CEVA Almajdouie Logistics, said. “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. Our JV with CEVA Logistics marks the beginning of a new chapter that strengthens the global reach of Saudi businesses. We are proud to align our growth with the nation’s Vision 2030 goals and are eager to continue playing a key role in Saudi Arabia’s transformation.”

“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,” Mathieu Friedberg, CEO of CEVA Logistics, said. “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.”