Saudi Arabia's Almajodouie Logistics signs Joint Venture Deal with CEVA

The Kingdom of Saudi Arabia's Almajdouie Logistics signed a Joint Venture (JV) with CEVA Logistics as part of the Kingdom's wider Vision 2030 plan in July 2024. This achievement aligns with the Kingdom’s focus to build cooperation between entities globally and strengthen the economy of the maritime sector as it actively undertakes in the International Maritime Organization (IMO).

This agreement will greatly benefit the Kingdom by allowing it to connect to CEVA’s expansive global network, thus advancing the Kingdom's aim of becoming a global logistics hub. The agreement will open doors for the Kingdom to access a growing portfolio of customers around the world.

CEVA Logistics will benefit from enhancing its already established and strong presence in Saudi Arabia to fulfil its regional growth strategy. Once completed, the JV organization will have around 2,000 employees in the Kingdom and a local fleet of more than 2,000 assets.  The agreement is now pending regulatory approval.

Mohammed Almajdouie, CEO of Almajdouie Logistics, stated:

“By pooling our expertise and resources through this partnership, we aim to strengthen our competitive advantage and offer an integrated and comprehensive suite of logistics services, enabling us to capitalize on the opportunities presented by the Kingdom's vibrant and rapidly evolving business landscape. We can accomplish together what we cannot achieve separately.”

This initiative builds on the Kingdom's Vision 2030 aims, which capitalise on its geographical strategic location that sees 13% of world trade pass through. This venture is one of many that Saudi Arabia is making in advancing the port and logistics infrastructure. MAWANI, Saudi Ports Authority, invested SAR 17 billion ($4.5 billion) in the Kingdom’s maritime, logistics, and port sector in 2023 and signed agreements to create new logistics parks on both coasts of Saudi Arabia—at King Abdulaziz Port in Dammam in the east, and at Jeddah Islamic Port in the west. 

This deal between Almajdouie Logistics and CEVA demonstrates the Kingdom’s ongoing efforts to develop itself as a global logistics hub and work towards the aims established in Vision 2030. The Kingdom will continue to foster collaboration both in the IMO and with maritime entities to enable growth and benefit the entire sector.