Denmark’s DSV A/S, one of the world’s largest freight and logistics companies, said that expected profit from a $10 billion joint venture with Saudi Arabia’s state-backed NEOM will be slower in coming than previously forecast due to delays in the so-called giga-project.

The NEOM partnership gives DSV exclusive rights to manage logistics and transport services at the giga-project, with DSV holding 49 percent and NEOM the remaining 51 percent.

DSV had committed to invest as much as $2.45 billion in the project but has capped spending in 2025 at $100 million as project timelines slip.

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