Saudi Arabia: Council of Economic, Development Affairs Tackles Investors’ Contribution in Logistic Services

Meeting between the Local Content Unit and the National Logistics Committee at the Council of Saudi Chambers in Riyadh on Wednesday. Asharq Al-Awsat.
Meeting between the Local Content Unit and the National Logistics Committee at the Council of Saudi Chambers in Riyadh on Wednesday. Asharq Al-Awsat.
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Saudi Arabia: Council of Economic, Development Affairs Tackles Investors’ Contribution in Logistic Services

Meeting between the Local Content Unit and the National Logistics Committee at the Council of Saudi Chambers in Riyadh on Wednesday. Asharq Al-Awsat.
Meeting between the Local Content Unit and the National Logistics Committee at the Council of Saudi Chambers in Riyadh on Wednesday. Asharq Al-Awsat.

Fahd al-Sukait of the Council of Economic and Development Affairs has discussed with officials in the National Logistics Committee at the Council of Saudi Chambers (CSC), on Wednesday, the condition of investors in logistic services and suggestions to boost this sector and its contribution in the public sector.

This comes amid expectations that the sector grows in 2018 up to 17-22 percent.

The meeting discussed programs that contribute in reinforcing logistic services within the plan to stimulate the private sector, programs to support SMEs and plans to qualify and train the Saudi youths. It also tackled plans to saudize and attract Saudi youths to this sector.

The two sides discussed the role of chambers of commerce and the Local Content Unit in highlighting both the risks and upsides of this decision, and how to address any challenges in this regard to make jobs in the sector sustainable.

Sukait stressed importance of associative strategy between the public and private sector, which achieves economic growth, contributes in accomplishing the Saudi Vision 2030 and reduces unemployment.

He directed the Local Content Unit to submit the five main challenges to the logistics sector so as to address them as soon as possible and elevate the sector’s performance.

Saud al-Nefaei, head of National Logistics Committee at the Council of Saudi Chambers, said to Asharq Al-Awsat during a phone-call that “work is ongoing so that the logistics sector becomes a system linked with many related sectors whether transportation, storage, customs and others."

Nefaei noted that the sector is witnessing a mounting growth, expecting the logistics sector growth to range between 17-22 percent during 2018.



Egypt Says it Cut Foreign Debt by $14 Bln in 5 Months to May

The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt Says it Cut Foreign Debt by $14 Bln in 5 Months to May

The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany

Egypt reduced its external debt by $14 billion in the five months to end-May, the sharpest such decline in the country's history, a statement released on Monday by Egypt's press center said.
The country's external debt fell to $154 billion as of the end of May from $168 billion at the end of December, according to the statement which quoted an unnamed high-level source at the central bank.
Egypt quadrupled its debt over the last nine years to help among others fund a new capital, build infrastructure and support an overvalued currency.