NEOM, DSV sign $10 bln logistics deal

Logo of NEOM 

Danish freight company DSV signed a $10 billion deal with Saudi Arabia's NEOM to establish a joint venture that aims to provide logistics services to the latter in the coming years.

The joint venture will manage supply chains, develop and invest in logistics infrastructure, and transport and deliver goods within NEOM, DSV said in a statement.

Under the agreement, NEOM will own 51% of the joint venture, while DSV will own the remaining 49%.

The venture is expected to create more than 20,000 jobs and boost logistics services and infrastructure development.

DSV expects to receive regulatory approvals for the venture by the end of the second quarter of 2024, the statement added.