Saudi Arabia is set to transform its logistics sector with an ambitious investment of over $267 billion (SR1 trillion) aimed at establishing the Kingdom as a global logistics hub by 2030. This forward-thinking initiative was announced by the Saudi Minister of Transport and Logistics Services at the inaugural Global Logistics Forum 2024, held in Riyadh.
Highlighting the positive impact of these investments, the minister revealed that SR200 billion has already been allocated to various projects, resulting in a remarkable leap in Saudi Arabia’s global rankings. The Kingdom has advanced 17 positions in the World Bank’s Logistics Performance Index and 14 spots in the International Air Transport Association’s Global Connectivity Index.
This initiative is part of Saudi Arabia’s Vision 2030 program, which focuses on modernizing transportation systems and enhancing integration within the logistics network. These developments are not only expected to boost the efficiency of supply chains but also to foster economic growth and connectivity across three continents.
The minister emphasized that the timing of the forum is crucial as the global logistics industry navigates a transformative phase. Current challenges in the supply chain highlight the importance of security and resilience, ensuring that goods move seamlessly and economies thrive.
Saudi Arabia’s rich historical legacy as a trade hub, exemplified by ancient trade routes, is being revitalized through cutting-edge infrastructure projects. The Kingdom is investing in state-of-the-art airports, advanced seaports, and a robust rail network to enhance logistics capabilities, making it an ideal nexus for international trade.
Sustainability is also a key focus, with significant strides being made to reduce the carbon footprint of the logistics sector. By leveraging the rail network, the Kingdom successfully eliminated the equivalent of 1 million truck journeys last year, significantly reducing carbon emissions and promoting greener logistics practices.
The forum facilitated the signing of several key agreements aimed at enhancing maritime connectivity and logistics infrastructure. A new initiative was launched to train nearly 7,800 individuals in transport and logistics services, underscoring a commitment to building a skilled workforce that can support the evolving supply chain landscape.
As Saudi Arabia moves forward with this transformative investment, the Global Logistics Forum 2024 seeks to redefine the logistics sector, enhance international collaboration, and drive innovation. By positioning itself as a leader in global trade, the Kingdom is fostering a more prosperous and interconnected world.
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