Saudi Arabia’s Ambitious Logistics Investment
Saudi Arabia plans to invest over $267 billion in its logistics sector by 2030, aiming to become a global logistics hub. This initiative, part of the Vision 2030 program, was highlighted by Transport Minister Saleh bin Nasser Al-Jasser at the Global Logistics Forum 2024 in Riyadh.
Al-Jasser noted that $53 billion has already been invested, resulting in significant improvements in global rankings, including a 17-place rise in the World Bank’s Logistics Performance Index. The strategy focuses on modernizing transportation, enhancing network integration, and supporting national development goals.
During the forum, Al-Jasser emphasized the need for secure supply chains and highlighted Saudi Arabia’s historical significance in trade, referencing ancient routes like the Silk Road. He also stressed the role of advanced technologies in transforming the logistics sector and reducing environmental impact.
Key Partnerships and Projects
Several agreements were signed, including a maritime cooperation deal with Egypt and a collaboration between the King Salman International Airport Development Co. and ewpartners. Additionally, a significant contract was established for a temperature-controlled warehouse at King Abdullah Port.
Agility, a global supply chain provider, announced a major expansion in Riyadh, adding 100,000 sq. meters of warehousing and creating jobs. The company is also investing in a new logistics complex near Jeddah.
The forum, under King Salman’s patronage, aims to reshape global trade by enhancing efficiency and sustainability. It seeks to address international challenges and foster collaboration, showcasing innovative solutions to boost the logistics sector.
