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Saudi lays out strategy to grow logistics sector to $15.31 billion by 2030

Saudi Arabia’s Ministry of Transport & Logistics Services (MOTLS) has laid out an ambitious strategy to grow the kingdom’s logistics sector market size to SR57.4 billion ($15.31 billion) by 2030 and position it as a global logistics hub.

In October 2022, The Crown Prince Mohammed bin Salman had launched the Global Supply Chain Resilience Initiative (GSCRI) to attract local and international investments in the supply chain sector. Aiming to raise SR40 billion ($10.64 billion) in its first two years, the initiative has set SR10 billion in financial and non-financial incentives for investors. Saudi Arabia has been on the fast track to shift its economy away from oil and build a more diverse and holistic economic ecosystem.

Currently, the logistics sector contributes 6% of the KSA GDP and is projected to contribute 10% by 2030, that is, around SR20.1 billion.

Link: https://www.zawya.com/en/business/transport-and-logistics/saudi-lays-out-strategy-to-grow-logistics-sector-to-1531bln-by-2030-gs6xxc0w

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