Energy, Petrochemicals, Automotive and E-commerce Among JV’s Target Sectors
CEVA Logistics and Almajdouie Logistics have formed a joint venture (JV) in Saudi Arabia, a move the companies said marked a “major milestone” in their growth strategies.
The JV, which is subject to review and regulatory approvals, would target various sectors including energy, petrochemicals, automotive, e-commerce, consumer and retail. CEVA Logistics, a division of French shipping and logistics group CMA CGM, said it would control the majority of the entity, which would comprise some 2,000 employees in Saudi Arabia and a local fleet of more than 2,000 assets.
According to CEVA, the mix of regional knowledge and global solutions within the venture would enable many local customers to expand their geographic offering while allowing global customers to better serve the Saudi market.
“We have worked successfully with Almajdouie Logistics over the past decade, and with the growing market in Saudi Arabia, this joint venture would strengthen our local presence,” said Mathieu Friedberg, CEO of CEVA Logistics.
“By combining our complimentary capabilities, the JV’s customers would have access to bespoke global solutions implemented reliably by local experts.”
Dammam-headquartered Almajdouie is one of Saudi Arabia’s leading logistics providers, boasting an expansive fleet of vehicles and trailers, seven offices across the kingdom and 1.2 million square meters of terminal and warehousing facilities.
The company’s CEO, Mohammed Almajdouie, said the partnership would enable the companies to capitalize on the opportunities emerging from Saudi’s thriving business market. “We can accomplish together what we cannot achieve separately,” he said.
CEVA Logistics and Almajdouie Logistics are exhibitors at Breakbulk Middle East and Breakbulk Europe.
