DSV to provide logistics services in Neom
DSV is to partner up with Saudi Arabian special economic zone (Neom) in a USD 10 billion joint venture to further develop logistics services in the zone. Neom is expected to be completed in 2025.
The joint venture will provide end-to-end supply chain management, development and investments in transport and logistics assets and infrastructure as well as transport and delivery of goods and materials within Neom.
Neom will hold 51% of the joint venture with DSV holding the remaining 49%. The project expects demand for construction logistics through to 31 December 2031 and will create some 20,000 jobs.
The total shareholder funding commitment for DSV up until 31 December 2031 is USD 5 billion. A portion of the venture’s revenues will be invested in sustainable logistics solutions and an innovation centre in Neom. (mk)