The global logistics market is estimated to be worth $15.5 trillion by 2024 and Saudi Arabia is leaving no stones unturned to capture a good chunk of the same and establish itself as the trade and logistics hub of Middle East region connecting Asia, Europe, and Africa.
As per a report, the global Third-Party Logistics (3PL) market is expected to grow at a compound annual growth rate (CAGR) of more than 5 percent by 2020 along with an expected reach of 92.1 billion tons by 2024 in the global Transport & Logistics Industry.
Saudi Arabia’s determination to become a leading logistics hub is grounded in its economic weight and privileged geographic location. KSA is the largest economy in the Arabian Peninsula, Levant, and Iraq region—accounting for 38 percent of GDP and 21 percent of the population. Its central location is optimal for distribution to the Arabian Peninsula, the Levant, and East Africa, and the country resides directly on the Asia-to-Europe trade route, through which 12 percent of container trade moves annually.
Sea freight movement has majorly dominated the market for Logistics in Saudi Arabia. The increase in the trade scenario in the country has attributed to the increase in the percentage share of sea freight. The rising import and export value from other countries has triggered the demand for sea freight in Kingdom. The total container port traffic at Saudi Arabia port is 6,326,861 TEU as per a report published in October 2017, 6 months back.
We, at Bricsa Consulting, are trying to create synergy between various public and private sector entities looking towards cooperation to achieve the goals of Vision 2030 and the freight and logistics sector development and thereby advancing towards a better future deriving mutual benefits.
The 3rd Annual Saudi Freight & Logistics 2018 programme would be hosted for 2 Days in Riyadh on October 22nd and 23rd and it shall address the current opportunities and challenges in the freight and logistics sector in the Kingdom. We look forward to welcoming the interested participants to share the platform and be a part of the elite gathering looking towards a positive outcome.