General view of NEOM in northwestern Saudi Arabia, January 11, 2021.
REUTERS/Hamad I Mohammed/File photo Acquire Licensing RightsDUBAI, Oct 24 (Reuters) - Saudi Arabia's $500 billion flagship project NEOM on Tuesday set up a $10 billion joint venture (JV) with Denmark's DSV (DSV.CO), the world's third-largest freight forwarder, they said in a joint statement.
"The partnership will focus on providing logistics services for NEOM in the coming years," the statement said, adding NEOM will hold 51% of the joint venture and DSV 49%.
"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," the companies said.
The kingdom's sovereign wealth fund, the Public Investment Fund, is the cornerstone investor in NEOM, a 26,500-square-km (10,230-square-mile) high-tech development on the Red Sea.
Persons:
Hamad I Mohammed, Saudi Arabia's Crown Prince Mohammed bin Salman, Yousef Saba, Jason Neely
Organizations:
REUTERS, Rights, Denmark's, Saudi Arabia's Crown, NEOM, Public Investment Fund, Thomson
Locations:
Saudi Arabia, Rights DUBAI, Saudi, NEOM