Posted on October 14, 2024
RIYADH – CEVA Logistics, a global leader in third-party logistics, and Almajdouie Logistics, a leading end-to-end logistics solutions provider in the Middle East, signed the final agreement yesterday to create a joint venture in the Kingdom of Saudi Arabia (KSA). The signing took place during the inaugural Global Logistics Forum in Riyadh.
First announced in July 2024 and subsequently approved by the relevant Saudi authorities, the newly created joint venture—CEVA Almajdouie Logistics—will 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.
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.
Now, CEVA Almajdouie Logistics combines both companies’ transport and logistics operations in Saudi Arabia. Customers will benefit from Almajdouie’s domestic infrastructure integrated with CEVA’s global network. Headquartered in Damman, the joint venture organization will be led by CEO Bassel El Dabbagh, with around 2,000 employees in KSA and a local fleet of more than 2,000 assets.
Mohammed Almajdouie, chairman, CEVA Almajdouie Logistics, said: “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. 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.”
Mathieu Friedberg, CEO of CEVA Logistics, said: “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. 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.”
About CEVA Logistics
CEVA Logistics, a world leader in third-party logistics, provides global supply chain solutions to connect people, products and providers all around the world. Headquartered in Marseille, France, CEVA Logistics offers a broad range of end-to-end, customized solutions in contract logistics and air, ocean, ground and finished vehicle transport in 170 countries worldwide thanks to its approximately 110,000 employees at more than 1,500 facilities. With pro forma 2023 revenue of US$20.2 billion, CEVA Logistics is part of the CMA CGM Group, a global player in sea, land, air and logistics solutions.
About Almajdouie Logistics
A pioneer in its industry for over 55 years, Almajdouie Logistics is a leading integrated supply chain provider in the Middle East. They provide customers with unique solutions tailored to meet their specific needs, and their services span diverse sectors in many countries.
Almajdouie owns, operates, and integrates its assets, which are comprised of an expansive fleet of vehicles and trailers, and 1.2 million SQM of terminal and warehousing facilities – piloted by their skilled and well-trained workforce of over 2,000 employees. Headquartered in Dammam, Saudi Arabia, the company operates seven offices around the Kingdom.
About the Global Logistics Forum (GLF):
The Global Logistics Forum (GLF) is an innovative platform dedicated to shaping the future of logistics leadership, bringing together global leaders, investors, and key stakeholders to foster collaboration and drive the logistics industry forward.
By showcasing cutting-edge advancements and promoting innovative solutions, GLF leads initiatives that boost global connectivity and drive the sector’s growth. The inaugural event, hosted by the Ministry of Transport and Logistic Services aims to reshape global trade and supply chains by uniting ecosystem partners to enhance efficiency, resilience, sustainability, and profitability in a globalized world.
For additional information, please visit www.cevalogistics.com or contact media@cevalogistics.com.
