During the inaugural Global Logistics Forum in Riyadh, Saudi Arabia, CEVA Logistics and Almajdouie Logistics signed an agreement to create a joint venture in the country.
First announced in July and subsequently approved by the relevant Saudi authorities, the newly created joint venture, CEVA Almajdouie Logistics, is expected to leverage the strengths of both companies to meet the growing demand for integrated logistics solutions in Saudi Arabia.
It is important to note that CEVA Logistics controls a majority stake in the joint venture.
With a presence in Saudi Arabia since the 1980s, CEVA Logistics has collaborated with Almajdouie Logistics for years, including in a separate joint venture addressing the finished vehicle logistics market.
Mathieu Friedberg, CEO of CEVA Logistics, said, “Our partner’s existing business and reputation in Saudi Arabia will ensure the JV starts as one of the top five logistics players in the country. We see the deal as a strong, strategic move for both partners and great news for our customers.”