عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Crown Prince Launches Master Plan for Logistics Centers to Make Kingdom a Global Logistical Hub

Crown Prince Mohammed bin Salman bin Abdulaziz. SPA
Crown Prince Mohammed bin Salman bin Abdulaziz. SPA
TT
TT

Saudi Crown Prince Launches Master Plan for Logistics Centers to Make Kingdom a Global Logistical Hub

Crown Prince Mohammed bin Salman bin Abdulaziz. SPA
Crown Prince Mohammed bin Salman bin Abdulaziz. SPA

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Supreme Committee for Transport and Logistics, has launched the Master Plan for Logistics Centers, which aims to develop the infrastructure of the Kingdom’s logistical sector, diversify the local economy, and enhance the status of Saudi Arabia as a leading investment destination and a global logistical hub.

The Crown Prince stressed that the plan is part of a package of ongoing initiatives set as targets by the National Transport and Logistics Strategy (NTLS) with the aim of developing the logistical sector to support the economy, increase the local, regional and international connections of the international trade networks and global supply chains, boost the partnership with the private sector, and increase the opportunity to generate jobs, and make the Kingdom a global logistical hub, given its geographical location among three important continents: Asia, Europe and Africa.

The Master Plan for Logistics Centers stipulates 59 centers with a total area of more than 100 million square meters, including 12 in Riyadh Region, 12 in Makkah Region, 17 in the Eastern Region, and 18 distributed in the rest of the Kingdom. There are currently 21 centers being worked on. All centers will be completed by 2030.

The centers will also enable local industries to export Saudi products with high efficiency, support e-commerce by facilitating a rapid link between logistics centers and distribution centers in the Kingdom’s various regions, cities and governorates, provide high traceability and facilitate the issuance of licenses to practice logistic activity, especially after the launch of the unified logistics license and the licensing of more than 1,500 local, regional and international logistics companies, and the launch of the Fasah initiative (an E-system integrated in Saudi customs), in cooperation with the concerned government agencies.

The logistics services sector represents one of the promising pillars of economic diversification and development in the Kingdom. It is currently witnessing many important initiatives and major developments aimed at developing the sector and expanding its economic and developmental contributions.

The Ministry of Transport and Logistics seeks to develop the logistics industry, enhance the export strategy, expand investment opportunities, and strike partnerships with the private sector.

Most Viewed

 
 
Business

Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT
TT

Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices drifted lower on Thursday after a surprise jump in US gasoline inventories, with investors focusing on the OPEC+ meeting this weekend to discuss oil output policy.
Brent crude futures fell by 14 cents, or 0.2%, to $72.69 per barrel by 0401 GMT, while US West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel.
Trading is expected to be light due to US Thanksgiving holiday kicking off from Thursday.
Oil is likely to hold to its near-term bearish momentum as the risks of supply disruption fade in the Middle East and stemming from the higher-than-expected US gasoline inventories, said Yeap Jun Rong, a market strategist at IG.
US gasoline stocks rose 3.3 million barrels in the week ended on Nov. 22, the US Energy Information Administration (EIA) said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel.
Slowing fuel demand growth in top consumers the United States and China has weighed heavily on oil prices this year, although supply curtailments from OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, have limited the losses.
OPEC+ will meet on Sunday. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike that was due to start in January.
A further deferment, as expected by many in the market, has mostly been factored into oil prices already, said Suvro Sarkar, energy sector team lead at DBS Bank.
"The only question is whether it's a one-month pushback, or three-month, or even longer. That would give the oil market some direction. On the other hand, we would be worried about a dip in oil prices if the deferments don’t come," he said.
The group, which pumps about half the world's oil, had previously said it would gradually roll back oil production cuts with small increases over many months in 2024 and 2025.
Brent and WTI have lost more than 3% each so far this week, under pressure from Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group. The ceasefire started on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the top producing Middle East region.
Market participants are uncertain how long the break in the fighting will hold, with the broader geopolitical backdrop for oil remaining murky, analysts at ANZ Bank said.
Oil prices are undervalued due to a market deficit, heads of commodities research at Goldman Sachs and Morgan Stanley warned in recent days, also pointing to a potential risk to Iranian supply from sanctions that might be implemented under US President-elect Donald Trump.