Saudi seeks investors to develop logistics hub
6 Feb 2019 - by Staff reporter
The Saudi Arabian government hopes to raise US$427 billion in private sector investments which will be used to develop the Middle Eastern country into a gateway for the trade supply chains of Africa, Asia and Europe.
A report by global news agency Reuters cited Saudi energy minister, Khalid al-Falih, as saying that around US$6 billion of the funds would be earmarked for logistics infrastructure while the rest would be focused on investments in mining and manufacturing.
This is part of the Saudi government’s plan to diversify its economy away from oil exports, with a recent Ministry of Transport report highlighting that about 12% of the world’s containerised trade passed the Red Sea.