The just-concluded Global Logistics Forum 2024 (GLF) has seen more than 65 separate agreements and Memoranda of Understanding (MoUs) worth SR16 billion ($4.3 billion) signed in Riyadh at its first edition. Announcements included innovative and strategic initiatives, which are set to ensure a more resilient and efficient network of global connectivity.

 

Hosted by the Ministry of Transport and Logistic Services (MOTLS) under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, GLF has fostered unprecedented international collaboration and sought to reshape the map of global logistics. The forum has served as a launch pad for new agreements between many industry leaders in global logistics, formalising a more connected logistics sector.

 

MOTLS led the way, in conjunction with the Ministry of Investment (MISA), with a series of major announcements including the signing of MoUs with FedEx, to explore investment opportunities in the Saudi logistics services and transportation sector; Sadel Group, to establish temperature-controlled warehouses in Jeddah, and Pacific International Lines and the Saudi Ports Authority (Mawani) to explore new opportunities in integrated logistics services and multimodal transport.

 

Vital platform

Eng Saleh bin Nasser Al-Jasser, Minister of Transport and Logistic Services, said: “The Global Logistics Forum serves as a vital platform for bringing together logistics ecosystem partners, driving improvements in efficiency, resilience, sustainability, and profitability in our interconnected world. The agreements announced during the Forum highlight the sector's commitment to embracing the transformative power of partnership and reflect Saudi Arabia’s emerging leadership in global logistics as it leverages its unique position at the crossroads of three continents.”

 

MOTLS also announced MoUs with the National Unified Procurement Company to establish new regional hubs for medical supplies and with the Saudi Industrial Development Fund to collaborate on transport and logistics services development to facilitate industrial transformation.

 

Industry leaders also made several landmark announcements, including Agility Logistics, which highlighted a significant expansion of its Saudi Arabia warehouse operations and an MoU with the Saudi Railway Company, and Saudia Cargo who announced a new partnership with Cluster2 Airports Company, to stimulate local content growth and improve air cargo transport service.

 

New scholarship and training initiatives were also set out, with MOTLS announcing Wa’aed Path Agreements under the Custodian of the Two Holy Mosques Scholarship Programme, with Saudia Group, Matarat Holding, The Helicopter Company, Tanfeethi, and Saudi Arabia Railways, respectively. Meanwhile, the Saudi Logistics Academy announced a series of training initiatives in partnership with NEOM, Qasim University, and Salihiya Cargo and Shipping Agency, amongst others.

 

Over 130 speakers

Over 130 speakers, including world leaders, ministers, and business executives in the logistics sector contributed to the event that included thought-provoking panel discussions, fireside chats, and expert dialogues, alongside the major announcements.

 

The event emerges at a crucial time when the logistics sector is poised for transformation, driven by Saudi Arabia’s recent strategic wins in the sector and the country’s growing influence in global trade routes.--TradeArabia News Service