Saudi Arabia’s $500bn flagship project NEOM on Tuesday set up a $10bn joint venture (JV) with Denmark’s DSV, the world’s third-largest freight forwarder,

“The partnership will focus on providing logistics services for NEOM in the coming years,” a statement said, adding NEOM will hold 51 per cent of the joint venture and DSV 49 per cent. “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 JV is expected to create more than 20,000 work opportunities.

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