Saudi PIF to Promote Kingdom into a Global Transport and Logistics Hub
The logistics sector is crucial to Saudi Arabia realizing it's Vision 2030.
The country's Transport and Logistics Initiative aims to improve connectivity in logistics infrastructure, speed up operations and boost the capabilities of the logistics sector by increasing participation of the private sector in industries that depend on logistics services.
Opportunities:
The Kingdom has the potential to become a competitive trans-regional global logistics hub for air, sea and land logistics, leveraging its unique geographic location and tapping into globalized supply chains through the Red Sea.
A doubling of visitor traffic, in line with national tourism aspirations will introduce new major projects across the Kingdom.
The Kingdom’s objectives in this sector to increase export, re-export, and domestic cargo volumes.
Masterplan Announced for King Salman International Airport
Progress:
The recent announcement of Elm’s acquisition of a 100% stake in Tabadul from PIF (Elm is also owned 100% by PIF). Tabadul is a pioneer in providing innovative digital integration solutions to the logistics sector, enabling the exchange of information, goods, and services across government and private businesses including customs, ports, and the aviation sector. PIF will coordinate with relevant stakeholders in this regard.
Staying at the forefront of technological developments by monitoring opportunities in innovative transport solutions.
Direct Strategic Objectives:
Grow the assets of the Public Investment Fund
Localize cutting-edge tech and knowledge through the Public Investment Fund
Build strategic economic partnerships through the Public Investment Fund
The above objectives and action points will ensure that Saudi Arabia grow into an important center for global trade and logistics in the years to come.
Read More: PIF, COSCO SHIPPING Ports Acquire Stakes in Red Sea Gateway Terminal
