Keen to be global logistics hub, Saudi Arabia launches innovative economic zone
Spanning 3 million square metres, the special economic zone in Riyadh is strategically located to serve billions of potential customers in easy reach across Africa, Asia, and Europe.
Saudi Arabia's Minister of Transport and Logistics Saleh Al-Jasser launched an innovative economic zone for the logistics sector in Riyadh on October 31st, 2022, as reported by Zawya. The zone is said to be the world’s most innovative economic zone.
The Special Integrated Logistics Zone spans three million square metres and is strategically located to serve potential customers from Africa, Asia and Europe. It uses technology designed to streamline the movement of goods, including best-in-class inventory systems optimised for ecommerce, providing direct linkages between investors, suppliers, customs, and government entities.
Al Jasser commented that the launch of the economic zone is at par with the Kingdom's Vision 2030.
“[Positioning] the Kingdom as a global logistics hub connecting three continents, attracting the largest companies in the world to the Kingdom as our logistics sector is transformed by the National Transport and Logistics Strategy,” he said.
Saudi Arabia is focused on increasing its cargo capacity to more than 4.5 million tons per annum and increasing the contribution of the transport and logistics sector to the national gross domestic product from the current 6% to 10% .
This objective is a part of the wider transformation of KSA's logistics sector by 2030. This will help to fuel business growth, attract inward investment, and increase the sector’s non-oil revenues.
Edited by Teja Lele
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