RIYADH: Investments in Saudi Arabia’s maritime sector have exceeded SR25 billion ($6.66 billion), thanks to successful collaborations between the Saudi Ports Authority and private sector partners.
Omar Hariri, president of the Saudi Ports Authority, shared these details during the inauguration of a new logistics zone at the Jeddah Islamic Port.
Hariri highlighted that significant investments have been made over the past four years through partnerships with both national and international companies.
He said that these partnerships have led to the execution of major projects across various Saudi ports with both national and international companies, involving a total investment exceeding SR25 billion.
“These projects included signing and operating container terminal contracts, establishing logistics zones, and providing a range of maritime services, which collectively boost capacity, operational efficiency, and logistics capabilities in Saudi ports,” Hariri added.
Saudi Arabia’s logistics sector has undergone a transformation driven by Vision 2030 and the National Industrial Strategy.
With a population of 36 million and a gross domestic product of $1.81 trillion, the Kingdom offers substantial opportunities for global logistics players and stands as a crucial hub on major trade routes, supported by top-notch infrastructure.
During the ceremony, Hariri also celebrated a significant strategic partnership with logistics and shipping giant Maersk. The company has made its largest global investment at Jeddah Port, totaling SR1.3 billion. This investment underscores the port’s attractiveness as a major regional hub and reinforces Saudi Arabia’s role as a key global logistics center linking Europe, Africa, and Asia.
Hariri further announced the addition of 47 new shipping routes, bringing the total number of navigational services at Saudi ports to 115, thus solidifying the Kingdom’s position in global maritime connectivity.
Mohammad Shihab, CEO of Maersk Saudi Arabia, noted that the company’s investment has infused $250 million into the local economy and is expected to attract an additional $340 million in investments. This move is set to provide enhanced logistical services for importers and exporters and will serve as a re-export hub to key markets.
Hariri also revealed that there are currently 17 logistics zones under development at the ports of Jeddah and Dammam, highlighting ongoing efforts to advance the Kingdom’s maritime infrastructure and capabilities.
Source: Arab News
