Saudi Logistics Hub Strengthens Economic Relations Between Saudi Arabia, Jordan
The Saudi Logistics Hub, a government initiative to drive the growth of the logistics sector in Saudi Arabia, recently held its second roadshow in Amman, Jordan, in collaboration with the Jordan Investment Commission (JIC) and the Jordanian Logistics Association (JLA).
The event convened investors and business leaders from the logistics sector to learn more about the Saudi Logistics Hub as well as the current investment opportunities in Saudi Arabia. On the sidelines of the roadshow, the Saudi Logistics Hub met with Dr. Khaled W. Wazani, Chairman of the JIC, and Mr. Ramy Naber, President of the JLA. Throughout meetings, the JIC and JLA reiterated their interest in supporting the growth of the Saudi logistics sector, by promoting greater synergies between Saudi and Jordanian businesses and removing the current bottlenecks to ease the flow of trade between the two countries.
Trade in goods between the two countries rose from US$2.1 billion in 2017 to US$2.4 billion in 2018, representing a 14.3 percent increase and making Jordan Saudi Arabia’s 13th-largest export market that year. Saudi Arabia’s logistics sector is committed to further strengthening existing relations as a means to stimulate foreign partnerships. For example, Aramex, a leading Jordanian global provider of comprehensive logistics and transportation solutions, has recently embarked on setting up three new facilities in Saudi Arabia, in response to increasing shipment volumes into and within the country. To build on this strong relationship, the Saudi Logistics Hub included Jordan in the roadshow, in efforts to solidify existing relationships and carry forward groundbreaking initiatives and activities across the logistics sector.
Speaking on the event, His Excellency Saleh bin Nasser Al-Jasser, Saudi Minister of Transport and Chairman of the Saudi Logistics Hub, said: “We at the Saudi Logistics Hub appreciate the importance of our ties with our Arab partners, and are keen to continue our long history of economic cooperation.”
He added: “In the last 10 years, Saudi Arabia has invested more than US$100 billion in its transport and logistics infrastructure, resulting in one of the fastest-growing logistics sectors globally with a comprehensive nationwide network that offers a wealth of prospects for our partners in the Arab region and beyond. The Saudi Logistics Hub is committed to developing the country’s logistics industry, creating a favorable business climate, and attracting foreign investors.”
As the world’s 18th-largest economy with a US$19 billion logistics market, Saudi Arabia is on a mission to forge international synergies that can help enhance domestic and cross-border infrastructure. Today, Saudi Arabia has one of the fastest-growing logistics sectors globally and was ranked the world’s fastest economic reformer by the World Bank Group’s Doing Business 2020 report, jumping up 30 positions to the 62nd place. The country has demonstrated significant improvements in 9 out of 10 Doing Business areas, jumping up 72 positions to the 86th place in the Trading Across Borders ranking, an indicator which compares the time and cost of exporting and importing goods.
In line with Saudi Vision 2030’s bold ambition to position Saudi Arabia as a leader of the Arab economy, an investment powerhouse, and a strategic gateway at the crossroads of three continents, the Saudi Logistics Hub has embarked on a global roadshow to raise the country’s profile as a business destination of choice.
The global roadshow provides a platform to promote the latest opportunities for collaboration and investment in the country’s logistics industry while building the credentials of the Saudi Logistics Hub as a distinctive logistics gateway to Asia, Africa, and Europe, in addition to consolidating Saudi Arabia’s status as an efficient, competitive, and profitable logistics hub. The agenda includes the UAE, Egypt, China, Singapore, Japan, India, and Germany.