The Saudi Logistics Hub, a government committee mandated to support the growth of the logistics sector in Saudi Arabia, completed the third stop of its global roadshow in Cairo, Egypt
Taking place on 11 November at InterContinental Cairo Citystars with the participation of logistics business leaders, the event explored the latest trends and highlighted current investment opportunities in the logistics sector in Saudi Arabia.
In addition to introducing investors and major industry players to the Saudi Logistics Hub, the global roadshow aims to strengthen Saudi Arabia?s synergies with major global logistics markets, develop the country?s logistics sector and support investment initiatives.
Saleh bin Nasser Al-Jasser, Saudi minister of transport and chairman of the Saudi Logistics Hub, said, ?Both Saudi Arabia and Egypt are leaders in their own right in the Arab world and enjoy long-standing trade relations. In line with Saudi Arabia?s keenness to reinforce these ties, the Saudi Logistics Hub has included Egypt in its global roadshow to further increase the visibility of the investment prospects that exist within the country.?
In 2018, Egypt was Saudi Arabia?s 13th largest export market and 22nd largest import market. Their total bilateral trade volume in the same year reached US$3.5bn. Saudi Arabia exported US$2bn worth of goods to Egypt last year, with imports standing at US$1.5bn. The Saudi Logistics Hub seeks to build on the existing relationship and create lucrative investment opportunities across the logistics sector.
The World Economic Forum?s Global Competitiveness Report 2019 shows that Saudi Arabia improved its ranking in the Transport Infrastructure index from 40th to 34th place, and also surged from 50th to 26th spot in the Efficiency of Train Services indicator. 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 nine 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.
To support the objectives of Saudi Vision 2030, the Saudi Logistics Hub aims to create a conducive business climate for growth and development in Saudi Arabia through driving private sector engagement in the industry, adopting disruptive solutions and international best practices, and updating infrastructure, processes, and procedures.
The global roadshows provide a platform to promote the latest opportunities for collaboration and investment while building the credentials of the Saudi Logistics Hub as a distinctive logistical gateway to Asia, Africa and Europe.