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GFH Financial Group, a financial institution with a strong focus on the logistics sector, has signed a heads of terms agreement with Gulf Warehousing Company, one of the GCC’s top logistics providers. The collaboration will see GFH power GWC’s expansion plans by developing 200,000 square meters of Grade “A” logistics facilities across key locations in ��������Ƶ, including Riyadh, Jeddah and Dammam.
As part of the heads of terms, GFH will finance and oversee the development of these state-of-the-art logistics spaces, tailored to meet GWC’s specific operational requirements. GWC will lead the technical development of these facilities while being the anchor tenant once completed. GWC will leverage its expertise in logistics and supply chain solutions to ensure the facilities are optimized to serve the clients’ needs. This signing is part of GFH’s ongoing commitment to strengthening ��������Ƶ’s logistics infrastructure, which aligns with the Kingdom’s Vision 2030 objectives to diversify the economy and establish the country as a global logistics hub.

Razi Almerbati, chief executive of GFH Capital, said: “Our collaboration with GWC marks a significant step in advancing ��������Ƶ’s logistics infrastructure. By combining GFH’s financial strength and focus on the logistics sector with GWC’s logistics prowess, we are confident this development will further cement ��������Ƶ’s position as a logistics leader in the region.”
Matthew Kearns, deputy CEO at GWC, said: “This heads of terms with GFH will open the horizon to tailored supply chain solutions that meet the increasing demand for high quality logistics solutions in the Kingdom of ��������Ƶ, further supporting the Kingdom’s Vision 2030. GWC is proud to deploy its logistics and supply chain expertise, offering world-class logistics solutions for clientele across the Kingdom.”
The heads of terms state that GWC will be responsible for operating the logistics facilities to serve its expanding client base across the Kingdom, incorporating cutting-edge technologies, highest sustainability standards and optimal operational infrastructure to meet the highest industry standards. The facilities will provide GWC with the capacity to manage and optimize its logistics operations efficiently, supporting the company’s growth and enhancing the country’s logistics capabilities.

Saudia Cargo, a leader in global air cargo transportation and member of the biggest air cargo alliance SkyTeam Cargo, has announced the appointment of Loay Mashabi as its new chief executive officer, effective Jan. 1, 2025. He is also the managing director of Saudia Cargo. 

Mashabi succeeds Teddy Zebitz as CEO, who has led Saudia Cargo to record success, driving innovation and solidifying its leading position. Zebitz will continue to serve as a member of the board of directors. 

“During Teddy’s tenure, we have achieved remarkable milestones and navigated through numerous challenges, all while maintaining our commitment to performance and service excellence,” said Abdulkareem Abualnasr, board chairman of Saudia Cargo. “Teddy’s vision and leadership have been instrumental in building the capabilities of our company and in executing our strategies, and we are deeply grateful for all his valuable contributions.”

Mashabi joined Saudia Cargo as board member in August 2021 and became the managing director in October 2023, bringing a wealth of experience in the transportation and logistics sector. Prior to joining Saudia Cargo, he served as deputy minister for logistics services at the Ministry of Transportation and Logistics Services, and deputy governor for planning and development of the General Authority of Customs. He also served as CEO of the inception phase of the Soudah Development at the Public Investment Fund.

Under Mashabi’s leadership, Saudia Cargo will focus on accelerating its growth, expanding its international network, and advancing Saudi Vision 2030’s logistics sector goals, enabling the Kingdom’s transformation by securing essential goods and providing customer-centric solutions that help businesses thrive and industries grow. 

He holds an executive MBA from London Business School and a BSc in petroleum engineering from King Fahd University.