The Port of NEOM and CEVA Almajdouie Logistics have signed a memorandum of understanding to explore integrated logistics along a corridor connecting Europe, Egypt, Saudi Arabia, Gulf Cooperation Council markets and Iraq. NEOM announced the agreement on 7 October; Iraq Business News reported its Iraq connection on 15 October.
The proposed services combine the port’s Red Sea connections with transport, customs brokerage, warehousing and cross-border logistics. The parties also plan joint customer engagement and market development.
CEVA Almajdouie is the Saudi joint venture established by CEVA Logistics and Almajdouie Logistics in 2024, with CEVA holding a majority stake. The corridor MoU does not announce an operating timetable, an Iraqi terminal or a committed investment amount.