Riyadh to Host Global Logistics Forum 2024 Under Patronage of Custodian of the Two Holy Mosques

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)
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Riyadh to Host Global Logistics Forum 2024 Under Patronage of Custodian of the Two Holy Mosques

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)

The Ministry of Transport and Logistic Services announced that the Global Logistics Forum 2024 will be held from October 12 to 14 at the King Abdullah Financial District.

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the landmark event aims to foster international collaboration and reshape the global trade and supply chain landscape.

In a statement on Monday, Minister of Transport Saleh bin Nasser AlJasser said: “Our ambition is that the Global Logistics Forum helps to reshape the global map of logistics. It is a transformational platform and given his legacy of spearheading notable achievements and reforms in Saudi Arabia, it is only right that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has bestowed his patronage on the event.”

“We are grateful for his support and we will use the event as an opportunity to blaze a trail of prosperity in this inaugural event,” he stressed.

The forum is expected to attract over 10,000 participants, including heads of state, ministers, industry leaders, experts, and innovators from around the world. The event will focus on boosting sector infrastructure and optimizing logistics operations to drive growth and maximize impact.

A key theme of this edition is the sector's need for adaptability in the face of global climate change, with the forum providing a collaborative platform for stakeholders to drive meaningful change.

Attendees can look forward to a series of dynamic discussion sessions, interactive workshops, and exhibitions designed to encourage international cooperation and stimulate innovation in sustainable logistics solutions.

The forum will also highlight Saudi Arabia's significant advancements in the sector, including the Kingdom's impressive rise by 17 places in the Logistics Performance Index and its progress toward achieving the goals of the National Transport and Logistics Strategy.

Additionally, the forum will unveil the logistics centers master plan, announced by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, in mid-2023. The ambitious initiative to establish over 100 million square meters is aimed at enhancing infrastructure, diversifying the economy, and cementing Saudi Arabia's position as a global logistics hub.

Set in Riyadh, a city strategically positioned at the crossroads of the world’s three largest continents and home to one of the most dynamic economies globally, the forum offers a unique opportunity for participants to influence future logistics trends, forge relationships with global leaders, and explore groundbreaking collaborations. Riyadh's modern infrastructure and rich cultural heritage further enhance the setting for this prestigious event.



Motor Insurance Revenues in Saudi Arabia Grow by 38% in 2023

A car parking in Makkah. (SPA)
A car parking in Makkah. (SPA)
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Motor Insurance Revenues in Saudi Arabia Grow by 38% in 2023

A car parking in Makkah. (SPA)
A car parking in Makkah. (SPA)

In 2023, the vehicle insurance sector in Saudi Arabia generated approximately SAR 12 billion ($3.19 billion), accounting for 21 percent of the total insurance market revenue. This marks a significant 38 percent increase compared to 2022, according to an official at Standard & Poor’s International Credit Rating Agency.

In an interview with Asharq Al-Awsat, Mario Shukr, a credit analyst at Standard & Poor’s, attributed this growth to several factors. Key among them were price adjustments for previously unprofitable business lines and a government-led campaign to reduce the number of uninsured vehicles in the Kingdom, which resulted in a surge in insurance premium income.

Additionally, Shukr pointed to an increased demand for vehicle insurance, including from leasing companies.

Shukr added that overall insurance market revenues are likely to grow by about 15 to 20 percent in 2024, with the vehicle insurance sector potentially exceeding this growth due to ongoing efforts to reduce the number of uninsured vehicles.

He noted that after two years of significant operating losses in 2021 and 2022, the vehicle insurance sector rebounded strongly in 2023 and is likely to continue performing well in 2024, thanks to appropriate pricing and robust growth.

However, he cautioned that one of the main challenges ahead is the possibility of increased competition in Saudi Arabia, which could drive vehicle insurance prices down again, potentially impacting operational performance in 2025.

Moreover, with rising costs at the regional and international levels, managing expenses could pose a challenge for insurers, he remarked.

In August 2023, the Saudi cabinet approved the establishment of the Insurance Authority, which aims to regulate the sector in the Kingdom in a way that supports and enhances its effectiveness and growth. The Authority also works to protect the rights of the insured and beneficiaries, contribute to financial stability, and establish the principles of the insurance contractual relationship.