Saudi Arabia added 27 new shipping lines in 2023, leading to faster arrival of goods, higher revenues, and improved shipping rates, Minister of Transport and Logistics Saleh Al-Jasser said at the 2024 Budget Forum.
The country is on the right track regarding the national strategy for transport and logistics services, launched two years ago. This was demonstrated by global indicators that showed the Kingdom’s progress in logistics, air connectivity and other areas.
The Kingdom aims to complete vital projects in all modes of transportation to reach all goals, the minister added, noting that the sector spending is a real investment, due to the tangible returns on the quality of life of citizens and the efficiency of the other sectors’ work.
The transport sector is allocated the smallest part in the general budget spending. The largest part of the sector’s spending, meanwhile, comes from the Public Investment Fund, which is an essential partner of the transportation system in its investments, the minister said, noting that the private sector in general is considered the largest investor.
Moreover, the ports are witnessing a major shift in the Kingdom. They affect the citizens greatly, as 90% of trade (imports and exports) takes place through the ports, and the efficiency of the work of the ports is very important for the well-being of the citizens.
He pointed out that there are eight new logistics zones in Jeddah Port with investments of global major shipping lines, operators of container terminals, and major international companies specialized in the field of logistics services. Of these, three zones are open, and five are under construction. The progress enhances the efficiency of the Saudi logistics sector.
The ministry is working to connect various transportation hubs, such as ports, airports, logistics areas, and dry ports next to trains.