Freight forwarder DSV and NEOM Company have obtained the relevant regulatory approvals to form its USD10 billion exclusive joint venture to support the development of projects taking place as part of the Saudi Arabian giga-project.
The partnership will focus on providing logistics services for NEOM in the coming years. Under the agreement, the joint venture said it 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 percent of the joint venture with DSV holding the remaining 49 percent.
Completion of the partnership is now awaiting incorporation of the joint venture entity and issuance of relevant public operating licenses in Saudi Arabia, which are expected to be obtained in the second quarter of 2024.
