Saudi Arabia's Global Logistics Forum Ends with 65 Deals, US$4.3 Billion Investments

Held under the patronage of the Custodian of the Two Holy Mosques, King Abdulaziz bin Saud, the inaugural Global Logistics Forum 2024, hosted by the Ministry of Transport and Logistics Services, took place in Riyadh from October 12-14. The event saw 65 agreements and memoranda of understanding (MoUs) signed, valued at over US$4.3 billion.

The forum, opened by H.E. Eng. Saleh bin Nasser Al-Jasser, Minister of Transport and Logistics Services, featured participation from over 130 global logistics leaders and experts.

More than 13,000 visitors attended the event, including 15 ministers and 77 industry leaders representing over 30 countries. The theme of the forum, “Reshaping the Global Logistics Map,” underscored Saudi Arabia’s pivotal role in the global logistics sector.

H.E. Eng. Saleh Al-Jasser expressed the importance of the forum, stating, “Hosting the first Global Logistics Forum at the heart of global trade—Saudi Arabia—has been an honour. The event has been crucial in addressing the evolving challenges of global supply chains. The theme highlighted the Kingdom’s essential role in elevating the logistics industry, offering a platform to showcase innovative solutions."

At the event, numerous agreements were announced, including a partnership with FedEx to explore investment opportunities in Saudi Arabia’s logistics and transport sector, and collaborations with Pacific International Lines and the Saudi Ports Authority (Mawani) to enhance multimodal transport services. In addition, cold storage facilities are set to be developed in Jeddah through agreements with Saddel Group.

The Ministry also signed an MoU with the National Unified Procurement Company for Medical Supplies to establish regional centres for medical supplies. Other notable agreements include Agility Logistics’ expansion of warehouses in the Kingdom and a collaboration between Saudi Airlines Cargo and the Second Airports Cluster to boost air cargo services.

Discussions at the forum centred around the need for flexibility in logistics to mitigate sector instability. Participants highlighted the importance of adopting modern technologies and developing human capital to strengthen the future of logistics.

The event also focused on the resilience of shipping services and the role of railways in providing sustainable transportation solutions. The importance of international cooperation to ensure safe and uninterrupted shipping across seas and skies was also a key topic.

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