Image:Arab News
Saudi Arabia has unveiled plans to invest over SR1 trillion ($267 billion) in its logistics sector, underscoring its ambition to become a global logistics hub by 2030. Speaking at the Global Logistics Forum 2024 in Riyadh, Saudi Minister of Transport and Logistics Services, Saleh bin Nasser Al-Jasser, noted that SR200 billion of this sum has already been deployed.
Al-Jasser highlighted the Kingdom’s advancements in the logistics space, pointing out that Saudi Arabia has significantly improved its global standing, moving up 17 places in the World Bank’s Logistics Performance Index and 14 spots in the International Air Transport Association’s Global Connectivity Index.
The investment plan is part of Crown Prince Mohammed bin Salman’s broader Vision 2030 initiative, which aims to modernize the Kingdom’s transport infrastructure and position it as a logistics bridge between Asia, Europe, and Africa. The plan involves enhancing integration within the logistics network and deploying state-of-the-art technologies to reform the global supply chain.
In his remarks, Al-Jasser stressed the importance of securing global supply chains in the face of current disruptions. He likened logistics to the “backbone of global commerce,” noting its critical role in connecting economies, ensuring goods are delivered, and linking people across the globe. He also drew attention to the historical significance of Saudi Arabia in global trade, referencing ancient routes like the Silk Road and the Spice Road.
The event saw several major agreements, including a maritime connectivity deal between Saudi Arabia and Egypt. King Salman International Airport also signed a partnership with ewpartners to enhance logistics operations and establish an e-commerce hub. Additionally, Mediterranean Shipping Co. signed a deal for a temperature-controlled warehouse at King Abdullah Port, boosting regional freight capabilities.
The forum also highlighted Saudi Arabia’s focus on sustainability. Al-Jasser mentioned that using the Kingdom’s rail network had eliminated 1 million truck journeys, drastically reducing carbon emissions. This aligns with the Saudi Green Initiative, which aims to support the Kingdom’s environmental goals.
The Global Logistics Forum marks a significant step in Saudi Arabia’s mission to transform itself into a global logistics hub, bringing together international experts and showcasing cutting-edge technologies and innovations.
Source:Arab News
