Riyadh – Sharikat Mubasher: Saudi Aramco and DHL are seeking investors to finance and build a custom-designed logistics distribution center in Dammam, in a move seen as a test of market appetite for logistics assets in the Kingdom, sources familiar with the matter told Bloomberg.

The joint venture, established in 2023 to serve clients in the industrial, energy, chemicals, and petrochemicals sectors, is pitching the project to potential backers, including Brookfield Asset Management and wealthy families in Saudi Arabia and the Gulf.

The facility is expected to cost around SAR 1 billion ($267 million) and will be developed under a build-to-suit model, with investors funding the construction and retaining ownership. The Aramco-DHL venture would become the site’s long-term tenant.

The initiative comes as Saudi Arabia steps up efforts to attract foreign investment under broader economic reforms, including a new law allowing foreign property ownership in designated areas of Riyadh and Jeddah.