Riyadh: A senior official of Kuwait-based Agility Logistics claims that the region is undergoing a significant transformation as a result of the Kingdom's rapidly growing logistics industry.
The company's chairman, Henadi Al-Saleh, spoke on the second day of the 10th Arab-China Business Conference in Riyadh and praised the Kingdom's advancements in the logistics industry.
The industry is one of the main drivers of economic growth that has drawn significant investments in infrastructure and technology, driven by the Vision 2030 initiative to diversify Saudi Arabia's economy.
Also Read: India's Growth in the Past 10 Years
From our vantage point, Saudi Arabia is in charge of and at the heart of a significant transformation driving this region. During a panel discussion, Al-Saleh stated that it was "literally pivoting and transforming the logistics landscape."
Every year, Agility publishes an emerging market index that examines 50 emerging markets, and Saudi Arabia consistently comes out on top. It ranks in the top five globally, the top five globally for business fundamentals, and the top 10 globally for digital readiness, she continued.
Also Read: Centre releases Rs.1.2-Trn as 3rd tranche of tax devolution to states
Al-Saleh emphasised how the industry's expansion places it at the top of the list of investment opportunities, making it the "easiest market to do business in," as she put it.
Regarding Al-Saleh's comments, Loay Mashabi, Saudi Arabia's deputy minister for logistics services, said there are still a great deal of unrealized potential in the sector.
Mashabi emphasised that the Kingdom's young population, forward-thinking policies, and strong investment potential, along with its advantageous geographic location at the intersection of three continents, present tremendous growth opportunities.
Also Read: Macroeconomics: Understanding the Big Picture of the Economy
He continued by saying that while the industrial, tourism, and investment sectors are prioritised in the Kingdom's diversification strategy, the logistics sector is positioned as a key growth engine for other sectors.
By 2030, Saudi Arabia wants to grow into a major global logistics player with a $15.31 billion market.