Saudi Arabia has unveiled the master plan to develop 59 logistics centres across the kingdom as part of its broader National Transport and Logistics Strategy, as it aims to become a global logistics hub.
The kingdom will complete the development of all centres by the end of this decade, Crown Prince Mohammed bin Salman said in a statement carried by Saudi Press Agency on Sunday.
The push to develop the logistics infrastructure will help the kingdom further diversify its economy and bring more foreign direct investment to the country, SPA said without giving financial details of the master plan.
“The plan is part of a package of continuing initiatives set as targets by the [NTLS] … with the aim of developing the logistical sector to support the economy, increase the local, regional and international connections of the international trade networks and global supply chains,” Prince Mohammed, who is also chairman of the country’s Supreme Committee for Transport and Logistics, said.
The strategy will help the kingdom boost “the partnership with the private sector, and thus increase the opportunity to generate jobs, and make of the kingdom of Saudi Arabia a global logistical hub, given its geographical location among three important continents: Asia, Europe and Africa”, he added.
Under the master plan, the 59 centres will have total area of more than 100 million square meters. The kingdom is developing 12 centres each in Riyadh and Makkah regions, 17 in the Eastern region as well as 18 spread across the country.
“There are currently 21 centres being worked on. All centres will be completed by 2030,” SPA said.
Once completed, the planned centres will enable Saudi industries to export their products more efficiently and support the e-commerce sector, which will be a vital link between the logistics centres and distribution hubs in various regions, cities and governorates.
The development of the logistics sector is part of Saudi Arabia’s broader push to invest more than 500 billion riyals ($133bn) by 2030 to expand its transport sector.
The kingdom plans for more than 300 projects in transport and logistics through partnerships with the local and international private sector, Abdulaziz Al Duailej, president of the General Authority of Civil Aviation said in July 2021.
The broader plan includes launching new airlines, expanding airports, broadening its railway network, increasing ports' capacity and developing logistics hubs across the kingdom.
A crucial goal of the strategy is to increase the contribution of the transport and logistics sectors to national gross domestic product by the end of this decade to 10 per cent, from 6 per cent in 2021.
It will increase the sectors' annual contribution to non-oil revenue to 45 billion riyals by 2030, officials said at the time.
Saudi Arabia, is pushing to diversify its economy away from oil to develop new sectors that can help it boost its non-oil economic growth.
The kingdom’s economy grew by 1.1 per cent in the second quarter, boosted by a sharp expansion in the country’s non-oil sector as the kingdom continues to pursue its diversification goals.
The non-oil sector grew 5.5 per cent in the three-month period to the end of June, compared with the same period in 2022, according to flash estimate by the General Authority for Statistics released earlier this month.
“The logistics services sector represents one of the promising pillars of economic diversification and development in the kingdom. It is currently witnessing many important initiatives and major developments aimed at developing the sector and expanding its economic and developmental contributions,” SPA said on Sunday. “The Ministry of Transport and Logistics seeks to develop the logistics industry, enhance the export strategy, expand investment opportunities and strike partnerships with the private sector.”
The Saudi economy expanded 8.7 per cent in 2022, the highest annual growth rate among the world's 20 biggest economies, driven by a rise in oil prices and the strong performance of its non-oil private sector.
However, growth will slow to 1.9 per cent this year, on the back of lower oil output, according to IMF estimates.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Maestro
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Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The biog
Name: Maitha Qambar
Age: 24
Emirate: Abu Dhabi
Education: Master’s Degree
Favourite hobby: Reading
She says: “Everyone has a purpose in life and everyone learns from their experiences”
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