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.



Israel’s Economic Growth Slows in Q2 amid Gaza Conflict

A Palestinian inspects the damage of a destroyed house following an Israeli air strike in the Al-Maghazi refugee camp in the Gaza Strip (EPA)
A Palestinian inspects the damage of a destroyed house following an Israeli air strike in the Al-Maghazi refugee camp in the Gaza Strip (EPA)
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Israel’s Economic Growth Slows in Q2 amid Gaza Conflict

A Palestinian inspects the damage of a destroyed house following an Israeli air strike in the Al-Maghazi refugee camp in the Gaza Strip (EPA)
A Palestinian inspects the damage of a destroyed house following an Israeli air strike in the Al-Maghazi refugee camp in the Gaza Strip (EPA)

Israel's economy grew less than expected in the second quarter of 2024, extending a period of volatility since the start of the war in Gaza, which Israeli economists said has cost the economy over $67.3 billion.
But the weakness is likely not enough to prompt a central bank rate cut next week given rising inflation.
The Central Bureau of Statistics said in an initial estimate on Sunday that gross domestic product (GDP) grew by an annualized 1.2% in the April-June period, below a Reuters consensus of 4.4%. On a per capita basis, GDP fell 0.4% in the quarter.
Overall growth was led by gains in consumer spending (12%), investment in fixed assets (1.1%) and government spending (8.2%), offsetting an 8.3% decline in exports.
First-quarter GDP was revised to 17.3% annualized from a prior estimate of 14.4%, bouncing back from a contraction of 20.6% in the fourth quarter of 2023.
Over the first half of 2024, Israel's economy grew 2.5% at an annual rate versus 4.5% in the same period in 2023, according to the statistics bureau.
“The economy is having difficulty recovering from the war, mainly because of supply and not demand problems,” said Leader Capital Markets Chief Economist Jonathan Katz.
He noted that the lack of Palestinian workers since the Gaza conflict erupted was preventing a full recovery in investment in residential construction.
Figures issued on Thursday showed a spike in the inflation rate to 3.2% in July from 2.9% in June, pushing it above the government's annual inflation target of 1-3%.
The Bank of Israel next decides on rates on Aug. 28.
Last Thursday, Israeli economists said the Gaza war has cost the Israeli economy over $67.3 billion.
“The war has already cost the Israeli economy more than 250 billion shekels ($67.3 billion), and the defense establishment wants an annual increase of at least 20 billion shekels ($5.39 billion),” Rakefet Russak-Aminoach, the former CEO of Israel’s Bank Leumi, told Israeli Channel 12.
“The deficit is much larger, we have evacuees, wounded, and many economic needs that are not even counted in the cost of the war,” she added.
Jacob Frenkel, a former governor of Israel’s central bank, said the country’s budget deficit reached 8.1% last July.
“The most urgent and important task is to deal with the deficit,” he said.
“Israel started the year 2023 without a deficit and since then the situation has deteriorated. By the end of July, the deficit reached 8.1%, or about 155 billion shekels ($41.8 billion). It must be covered.”
Uri Levin, a former CEO of Israel Discount Bank, said Israel will not be able to rehabilitate its economy without winning back the trust of international investors.