KSA to Spend SAR 1 trillion on the Development of the Logistics Sector

The Global Logistics Forum 2024 is being held in the King Abdullah Financial Center; the forum brings together logistics sector leaders from around the world to discuss key trends, challenges facing the sector, and available opportunities; it will also explore future cooperation opportunities among stakeholders in the logistics sector. The Forum has over 100 speakers and is expected to have over 10,000 visitors from 30 countries.

The Global Logistics Forum 2024 is hosted by the Ministry of Transportation and Logistical Services. In his opening speech, H.E Saleh bin Naser el Gaser, said that according to Vision 2030, the logistics sector is supposed to have investments of SAR 1 trillion, where SAR 200 billion have already been spent on the development of the sector.

Because of its growing economy and unique location on the lines of international trade, the logistics sector is one of the most significant modern sectors in the Kingdom’s transportation system. Twenty-one areas are already functioning effectively through pioneering sites to serve and enable the logistics sector by developing the infrastructure and renting services for these sites to provide greater services and higher quality for sustainable development. The plan is to have 59 logistics centers that are expected to be finished by 2030.

The system has also improved the logistics services sector, launching the “Logistics License” aimed at developing and enhancing the logistics performance index, and granting the license to more than 32 local and international companies. This is an important step to simplify procedures for beneficiaries and investors.

 Additionally, four digital platforms have been launched to improve the quality of services provided, and the Logistics Academy has been established to qualify Saudi competencies and localize jobs in the logistics sector, develop technical knowledge and skills, and bridge the labor market gap.

 Meanwhile, the transport system signed an investment agreement with “Maersk Global” to establish the largest logistics area in the Middle East at the Islamic Port of Jeddah, with investments exceeding 500 million riyals.

More than 290,000 unqualified vehicles were taken off the market as a result of the rules and regulations being put in place, which reduced carbon emissions by 48% of the Kingdom’s total transportation-related emissions.