¶¶Òõ¶ÌÊÓƵ

Under the patronage of King Salman, Riyadh hosted the first ever Global Logistics Forum on Oct. 12. The forum was organized by the Ministry of Transport and Logistic services with the aim of inspiring international collaboration to expand the logistics sector globally.

To build a strong backbone for future global trade, estimates place the cost of needed investment in logistics infrastructure around the world at between $40 and $90 trillion by 2040, which includes modernizing ports and airports, expanding rail networks, and digitizing warehouses. The race is on.

In his welcoming speech to the forum, Saudi Minister of Transport and Logistic Services Saleh Al-Jasser said that the global logistics industry stands at a critical juncture and that global collaboration is necessary to ensure the safety and security of the supply chain and the seamless functioning of global trade.

The Kingdom is the heart of global connectivity, as it stands at the crossroads of some of the most vital trade networks in history, including the Incense Route, the Spice Route, and the Sea Route of the Silk Road. These routes, which cover continents, carry not only goods, but ideas and cultures that shape civilizations.

The National Transport and Logistics Strategy was launched in 2021, aiming to solidify the Kingdom’s position as a global logistics hub. The strategy is set to invest more than $266.7 billion by 2030, of which $53.3 billion has already been deployed.

King Salman International Airport will be a cutting-edge part of ¶¶Òõ¶ÌÊÓƵ’s infrastructure as the world’s largest airport. With an area of 57 sq. km and six parallel runways, the airport is designed to raise its capacity to accommodate up to 120 million passengers by 2030, and 185 million by 2050. Additionally, the airport is intended to accommodate 3.5 million tons of cargo annually.

King Salman International Airport is just one of the ambitious projects that support ¶¶Òõ¶ÌÊÓƵ’s Vision 2030 to take advantage of its strategic geographical location and to make Riyadh a global destination for transportation, trade, and tourism.

The Saudi government plans to invest $100 billion in the aviation sector, boosting air connections from the Kingdom to more than 250 destinations worldwide.

¶¶Òõ¶ÌÊÓƵ has done great work since the launch of its Vision 2030 to upgrade the infrastructure of its logistics network, which has reflected positively on its international ranking; the Kingdom has climbed 17 places in the Logistics Performance Index issued by the World Bank, and 14 places in the Global Connectivity Index of IATA.

Also, the Kingdom is making huge strides in sustainability through the Saudi Green Initiative, as evidenced by the Saudi Rail Network eliminating the equivalent of 1 million truck journeys from our roads and drastically reducing carbon emissions.

The Kingdom’s ports have also witnessed significant developments that have enhanced its economic and logistical strength. The Saudi Ports Authority has developed its strategy in line with the objectives of the National Strategy for Transport and Logistics Services within the objectives of Saudi Vision 2030, aiming to consolidate the Kingdom’s position as a global logistics center by raising the logistic services performance index and increasing the capacity of containers handled in the ports. 

• Talat Zaki Hafiz is an economist and financial analyst.

X: @TalatHafiz