KSA Budget 2024: Logistics A Key Pillar

The Ministry of Finance has unveiled the 2024 budget, which projects total expenditures of SR1.251 billion ($333.6 billion) and total revenues of SR1.172 billion. One of the budget pillars is logistics and transportation infrastructure.

Over the past few years, the entire Middle East region has recognized the growing importance of the logistics sector; indeed, they have implemented strategies focusing on cargo handling capabilities, emerging logistics solutions, and technology-enabled applications to ensure opportunities are not missed. I remember my question to H.E Majed Al Qassabi in 2019 if Saudi Arabia is planning to compete with the neighboring countries, he responded: We gonna be the leader.

A key pillar of the 2030 Vision is transforming the kingdom into the go-to logistics hub for the region, capable of efficiently linking trade across three continents. Today, under the leadership of HE Minister of Transportation, Saleh Al-Jasser, the Kingdom is on the right track regarding the national transport and logistics services strategy, launched two years ago. So far, the government added:

? 27 new shipping lines, leading to a faster arrival of goods, higher revenues, and improved shipping rates.

? Eight new logistics zones in Jeddah port with investments from major global shipping lines, operators of container terminals, and major international companies specializing in logistics services.

? Kickoff the sea-air cargo operation, signed cooperation agreement between Saudi Port Authorities and SAL

? Approved Cargo-in-Transit mode for re-export from Saudi Arabia.

The logistics sector is considered the backbone of any economy, and the Saudi Government has made this sector the pillar of the country’s budget for 2024. Thank you for such an excellent achievement in a short time.

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#Mawani

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