GEFCO Group and Almajdouie Logistics (MLC) have announced the formation of a 50-50 joint venture in automotive logistics.
The relationship between the two companies began in January 2018 when they partnered to provide finished vehicle logistics services to Almajdouie Auto (MMC), the importer of Hyundai in Saudi Arabia.
In its second phase, the joint venture plans to offer a full range of finished vehicle services to the Saudi Arabian market and will officially launch operations in the first half of 2019.
“We are very pleased to announce a 50-50 JV agreement with Almajdouie Logistics,” said Luc Nadal, CEO of GEFCO Group. "The new JV will benefit from MLC’s strong position in the market and GEFCO’s experience in providing smart and flexible supply chain solutions to customers around the world.”
“With 69 years of expertise in automotive logistics and leadership in finished vehicles, we look forward to contributing our unique know-how, high standards and cost-effective solutions to the JV company,” he added. “This partnership also complements GEFCO’s growing presence in the Gulf, a region in which we have been delivering supply chain excellence for a number of years.”
“We are delighted to partner with GEFCO Group to serve the automotive logistics needs of the Saudi Arabian market,” said Baheej Al Biqawi, CEO of Almajdouie Logistics. “We are very excited about this joint venture, which is part of our development strategy to tap into new market opportunities. Through this partnership, our two groups will be able to leverage each other’s competitive strengths, enabling us to provide new options and cost-efficient solutions to our customers in the region. We are confident that our shared commitment to professionalism, quality, and innovation will cement this new venture’s reputation for service excellence.”