Saudi Arabia Plans $267 Billion Logistics Investment to Become Global Hub by 2030
Saudi Arabia is committing over $267 billion to its logistics sector with the goal of establishing itself as a global logistics hub by 2030. This announcement was made by Saudi Minister of Transport and Logistics Services, Saleh bin Nasser Al-Jasser, during the Global Logistics Forum 2024 in Riyadh.
Al-Jasser noted that $53 billion has already been invested, resulting in significant improvements in the country’s logistics capabilities. Saudi Arabia has advanced in international rankings, climbing 17 places in the World Bank’s Logistics Performance Index and moving up 14 positions in the Global Connectivity Index.
This logistics initiative is a key part of the Vision 2030 program, which seeks to modernize transportation systems, enhance network integration, and support national development goals. The forum, held at a crucial time for the global logistics industry, aims to address current challenges, such as supply chain security and efficiency.
Saudi Arabia’s strategic location at the crossroads of Asia, Europe, and Africa positions it as a pivotal player in global trade. Al-Jasser highlighted the country’s historical role in trade, referencing ancient routes like the Incense Road and the Silk Road, and emphasized modern infrastructure developments, including King Salman International Airport and advanced seaports.
Sustainability is also a focus, with the Saudi Green Initiative contributing to environmental goals by reducing truck journeys and carbon emissions through rail transport. Technological advancements in AI, blockchain, and smart infrastructure are expected to further transform the logistics sector.
Key Agreements and Developments
The forum saw several significant agreements, including a maritime connectivity deal with Egypt and partnerships for the KSA-Sino Logistics Zone. Investments in logistics infrastructure, such as Agility’s expansion in Riyadh, aim to enhance Saudi Arabia’s capacity and attract global businesses.
The Global Logistics Forum 2024, organized by the Ministry of Transport and Logistics Services and supported by King Salman, aims to reshape global trade dynamics. By fostering collaboration and showcasing innovative solutions, the forum seeks to enhance efficiency and sustainability in the logistics sector amid global challenges.
