Saudi Arabia`s Ministry of Transport is developing the logistics sector to support the Vision 2030 program of social and economic reform.
Diversifying the economy away from hydrocarbons is an important pillar of the Vision 2030 and transforming the country into a logistics hub is a key strategy. As a result, Saudi Arabia’s policies are focused on moving goods and people, either by land, air or sea to connect the rest of the world with the Gulf Cooperation Council (GCC) region.
To support the development and implementation of the strategy, the Ministry of Finance invested SAR 56.3 billion (USD 15 billion) in infrastructure and transportation projects last year. The logistics sector is valued at SAR 67.5 billion (USD 18 billion) and is one of the GCC`s most attractive emerging markets, according to a report by Saudi Bulk Transport, a transport and warehousing firm. Another report by Ken Research expects the revenues in logistics to grow at a compound annual growth rate of 6.7% between 2020 and 2025.
A majority of this growth is directed by the Transport General Authority (TGA) which is responsible for rail, sea and land transport development. The TGA has introduced a number of intuitive regulations and manages an overland freight network across eight countries in the Middle East and Central Asia with a fleet of over forty thousand trucks.
Further, Saudi Arabia has begun to open up the market by encouraging international companies to enter joint ventures to boost operations in the private sector. An example is Saudi Logistics Services’ agreement with Classic Automotive Relocation Services from the United Kingdom sealed last October. The deal sees the Jeddah-based business provide logistics support to the British firm’s in country operations.
Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study and Business Plan Saudi Arabia, Organizational and Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship and Partnership, Company Formation Saudi Arabia among others.
Please click on the link to learn more about opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
Saudi Arabia`s Ministry of Investment recently released updated statistics detailing foreign direct investment (FDI) into the Kingdom. The new methodology is preferred by the International Monetary Fund...Read more
Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.
The sovereign...Read more
Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and...Read more
State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.
Saudi ministers recently discussed enhancing co-operation in trade and cultural sectors with their United Kingdom (UK) counterparts on the sidelines of the GCC Ministers of Trade and Industry meeting in...Read more
Business StartUp Saudi Arabia would like to congratulate the Kingdom of Saudi Arabia and its people on the occasion of Saudi National Day 2023!
On this day in 1932, the Sultanate of Najd and the Kingdom...Read more
Saudi Arabia recorded tourist revenue of SAR 37 billion (almost USD 10 billion) as the sector witnessed a massive surplus due to an unprecedented travel boom in the Kingdom.
According to figures released...Read more
Saudi Arabia`s National Development Fund (NDF) recently announced its participation in financing the largest renewable energy project in the country.
The Shuaiba project is a partnership between Saudi...Read more