RIYADH: The rapid expansion of the Kingdom’s logistics sector is driving a major transformation in the region, according to a top official of Kuwait-based Agility Logistics.
Speaking on the second day of the 10th Arab-China Business Conference in Riyadh, the chairperson of the company, Henadi Al-Saleh, praised the Kingdom’s progress in the field of logistics.
Powered by the Vision 2030 initiative to diversify Saudi Arabia’s economy, the industry is one of the key economic growth levers that have attracted substantial investments in infrastructure and technology.
“From our point of view, Saudi Arabia is leading and is at the center of a major transformation spearheading this region. It is literally pivoting and transforming the logistics landscape,” Al-Saleh said during a panel discussion.
“Agility issues an emerging market index every year and scans 50 emerging markets and Saudi Arabia hands down ranks at the top, it is in the top five in overall markets, top five in business fundamentals, and top 10 in digital readiness,” she added.
Al-Saleh highlighted that the sector’s growth puts it in the forefront of investment appeal, making it the “easiest market to do business in,” she said.
Touching on Al-Saleh‘s remarks, Loay Mashabi, Saudi deputy minister for logistics services, said the industry still holds vast areas of untapped potential.
Mashabi highlighted that the Kingdom‘s youthful demographic, forward-looking strategies, and robust investment potential, along with its strategic geographical positioning at the juncture of three continents, offers tremendous opportunities for growth.
He further explained that while the Kingdom’s diversification strategy primarily emphasizes the industrial, tourism, and investment sectors, it positions the logistics industry as a crucial catalyst to accelerate growth in other areas.
Saudi Arabia is setting its sights on becoming a global logistics hub, targeting a market size of $15.31 billion by 2030.
