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Kuwait’s Agility Begins Major Expansion at Logistics Complex in Riyadh

Agility signed a new MoU to explore and develop logistics zones connected to railway projects in Saudi Arabia. (Asharq Al-Awsat)
Agility signed a new MoU to explore and develop logistics zones connected to railway projects in Saudi Arabia. (Asharq Al-Awsat)
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Kuwait’s Agility Begins Major Expansion at Logistics Complex in Riyadh

Agility signed a new MoU to explore and develop logistics zones connected to railway projects in Saudi Arabia. (Asharq Al-Awsat)
Agility signed a new MoU to explore and develop logistics zones connected to railway projects in Saudi Arabia. (Asharq Al-Awsat)

The Kuwaiti company Agility has announced plans to expand its logistics complex in Riyadh by adding 100,000 square meters of modern warehouses, bringing the total storage space to approximately 551,000 square meters.

The project, valued at SAR 250 million (around $66.58 million), aims to create 300 new job opportunities for Saudi citizens, with the first phase of the expansion set to be operational by the end of the first quarter of 2025.

Speaking to Asharq Al-Awsat during the Global Logistics Forum in Riyadh, Agility CEO Tarek Sultan noted that the company had signed a new memorandum of understanding to explore and develop logistics zones connected to railway projects in Saudi Arabia, aiming to strengthen the country’s logistical infrastructure.

Sultan emphasized Agility’s key role in improving services and linking railway networks to its foreign client base, which has shown growing interest in investing in the Kingdom. This comes as Saudi Arabia aims to become a global logistics hub by 2030.

Sultan also highlighted Agility’s commitment to developing the small and medium-sized enterprises (SMEs) sector in Saudi Arabia, stating that the company, which is listed on both the Kuwait Stock Exchange and Dubai Financial Market, is looking to maximize opportunities for these businesses through investments in storage and logistics services.

On Sunday, during the Global Logistics Forum, the company announced major expansion plans for its logistics complex in Riyadh, expected to be completed within a year and a half. Sultan noted that there are additional projects currently under study and planning.

The CEO noted that Agility’s investments in Saudi Arabia amount to several billion riyals and are steadily increasing. It is noteworthy that the company’s profits decreased by 16% in the first half of 2024, totaling 24.70 million Kuwaiti dinars, due to a 24% rise in general and administrative expenses.

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Saudi Arabia’s 2034 World Cup: A Catalyst for Economic Transformation

Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)
Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)
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Saudi Arabia’s 2034 World Cup: A Catalyst for Economic Transformation

Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)
Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)

 

As the official announcement approaches on December 11 for the host of the 2034 FIFA World Cup, all eyes are on Saudi Arabia, as this monumental sporting event is poised to bring about a transformative economic shift, aligning with the Kingdom’s vision of fostering a diversified and sustainable economy.
The tournament is expected to have a significant impact on Saudi Arabia’s local economy, driving foreign investments and revitalizing sectors such as tourism, transportation, and infrastructure. Additionally, it will serve as a catalyst for major projects like NEOM and Qiddiya, reinforcing the Kingdom’s position as a global destination and supporting the goals of Vision 2030, which emphasizes economic diversification and the expansion of non-oil sectors.
On Saturday, FIFA announced that the Saudi bid to host the 2034 World Cup achieved a technical evaluation score of 419.8 out of 500, the highest score ever awarded in FIFA’s history for a World Cup bid. This milestone reflects Saudi Arabia’s leadership and ongoing transformation into a hub of innovation and development.
The Kingdom officially submitted its bid in July at a FIFA ceremony in Paris. Experts believe that hosting the World Cup will attract millions of visitors worldwide, boosting key sectors such as hospitality, transportation, and entertainment. Furthermore, it is expected to attract substantial foreign investments in large-scale projects, including sports infrastructure and urban development.
Major Projects
Economic policy expert Ahmed Al-Shehri told Asharq Al-Awsat that hosting the tournament will significantly enhance Saudi Arabia’s tourism economy. The influx of millions of visitors is expected to boost revenue across sectors such as hotels, restaurants, transportation, and entertainment. He also noted that major projects like the Red Sea Project and Qiddiya will benefit from infrastructure upgrades, solidifying Saudi Arabia’s status as a global destination for tourism and investment.
Al-Shehri added that the event will strengthen international confidence in Saudi Arabia’s economy, encouraging foreign investors to channel capital into sectors such as sports, entertainment, and technology. He highlighted that infrastructure improvements, including transportation systems and sports facilities, will yield long-term benefits for the local economy and citizens.
Investment Partnerships
Economic analyst Rawan Bin Rubayan described hosting the World Cup as a historic opportunity with multifaceted benefits for the Saudi economy. Global events of this magnitude, she explained, enhance the Kingdom’s reputation as a leading investment and tourism destination while unlocking growth opportunities across various industries.
She highlighted that hosting the World Cup will increase Saudi Arabia’s appeal to international investors, particularly in sectors like hospitality, entertainment, transportation, and infrastructure. Constructing state-of-the-art stadiums and facilities will foster major investment partnerships and position Saudi Arabia among the world’s top organizers of international sporting events.
Bin Rubayan emphasized how the event complements Vision 2030, which prioritizes economic diversification and supports flagship projects like NEOM, Qiddiya, and the Red Sea Project. These initiatives are expected to accommodate millions of visitors, ensuring their long-term sustainability through heightened global visibility and investment.
Boosting the Tourism Sector
Bin Rubayan pointed out that sectors such as tourism and hospitality—including hotels, restaurants, and local retail—are set to experience significant growth due to rising demand, which will stimulate the local economy and generate new job opportunities.
She also noted that infrastructure upgrades, including advanced road networks and mass transit systems, will leave a lasting legacy, benefiting future generations and improving overall quality of life, stressing that the event is expected to boost international confidence in the Saudi economy and create long-term strategic partnerships.
Bin Rubayan characterized the 2034 FIFA World Cup as a key driver of economic growth and a pivotal moment in Saudi Arabia’s journey toward achieving Vision 2030. She added that the tournament promises to foster a more diverse, resilient, and sustainable economy while reinforcing the Kingdom’s status as a global powerhouse in sports, tourism, and innovation.