Saudi Arabia Seeks to Become Global Logistics Hub

Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Become Global Logistics Hub

Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser speaks at the Supply Chain and Logistics Conference in Riyadh. (Asharq Al-Awsat)

Saudi Arabia aims to become one of the most important countries in the world in contributing to supply chains, announced Transport Minister Saleh al-Jasser.

Jasser inaugurated the 5th edition of the Supply Chain and Logistics Conference in Riyadh.

The conference, held under the theme "Towards a sustainable supply chain to boost the circular economy," featured several ministers, senior officials, and heads of companies operating in the supply chain and logistics sector.

The two-day conference will feature 64 speakers from different countries and over 100 entities from the public and private sectors. It aims to promote discussions on various supply chain and logistics issues.

Fifty-two agreements were signed to strengthen supply chains and logistics operations during the conference's opening session.

Over the course of the event, participants will discuss the flexibility and sustainability of supply chains for the transition towards a circular economy, the development of specialized supply chains within the Kingdom, and the role of global supply chains in enhancing distribution operations.

At the conference, the Logisti platform is one of the transport and logistics initiatives under the National Industrial Development and Logistics Program (NIDLP) that offers critical commercial activities through the land, sea, and rail transport sectors.

In his opening speech, Jasser said the Kingdom is witnessing successive and unprecedented leaps in the development of the transport and logistics sector with the support of the Saudi leadership.

He added that progress has been visible in the sector since Prince Mohammed bin Salman, Crown Prince and Prime Minister, launched the National Transport and Logistics Strategy.

The Strategy seeks to transform Saudi Arabia into a global logistics hub by effectively utilizing its strategic location.

The Minister reviewed the significant growth and development in the performance and efficiency of the Saudi logistics sector and the substantial and promising opportunities in the sector's services and economies.

To enhance the efficiency of its work, the Crown Prince launched the Master Plan for Logistics Centers, which calls for the formation of 59 centers with a total area of more than 100 million square meters across the Kingdom.

Jasser pointed out that his Ministry also launched initiatives to enhance the sector's performance, re-engineer processes, and apply international best practices to consolidate the Kingdom's position as a global logistics hub.

The Saudi logistics sector witnessed notable achievements during 2023 after the Kingdom jumped 17 spots globally in the Logistics Performance Index issued by the World Bank, advancing from 55th to 38th position.

Jasser said international and local investors are keenly interested in the sector.

"In the past two years, many agreements were signed to establish 12 logistics parks," he remarked.

The logistic zones are located at Jeddah Islamic Port, Dammam's King Abdulaziz Port, and King Fahd Industrial Port in Yanbu with a total investment of approximately $1.11 billion and are set to create over 13,000 direct and indirect jobs in the logistics sector.

The Kingdom jumped eight spots internationally according to the ranking of the London-based maritime journal Lloyd's List classification of the world's 100 largest ports by container handling volumes.

Jasser said the Saudi railway sector has also made substantial progress, adding that over 12 million tons of goods have so far been transported via rail service in the Kingdom, representing a 13 percent growth compared to the same period in 2022.

He stressed that the expansion of rail transportation also helped reduce around 970,000 truck journeys on the roads.

In the first half of the year, the Kingdom's air transport sector also experienced substantial growth in air traffic, passenger numbers, and air cargo operations. It is aligned with the aviation strategy which aims to increase air cargo capacity to 4.5 million tons and expand air connections to 250 destinations by 2030.

The significant progress in the logistics sector came with the support and empowerment of Crown Prince Mohammed and his continuous support to strengthen the Kingdom's position as a global logistics center following the targets of the National Strategy for Transport and Logistics.

Jasser stressed that the transport and logistics services system integrates its efforts with the public and private sectors to enhance supply chains and improve the Kingdom's ranking among the top ten countries in the Logistics Performance Index by 2030.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.