Aramco, DHL seek investors to build logistics hub in Saudi Arabia: Report

Saudi Aramco and DHL are seeking to attract investors to finance and build a logistics distribution center in Saudi Arabia, Bloomberg reported, citing sources.

The sources expect the project, which will be implemented as a build-to-order model where the facility is designed according to the tenant's specifications, to cost about SAR 1 billion ($267 million).

Investors will finance the construction process and retain ownership of the site in Dammam, while the joint venture between Aramco and DHL will be the long-term tenant.

The joint venture between the two companies is promoting the plan to companies, including Brookfield Asset Management, the report said.

According to Argaam’s data, Saudi Aramco and DHL signed a shareholders’ agreement for a new procurement and logistics hub in Saudi Arabia to enhance supply chain efficiency and sustainability.