Riyadh, December 16, 2024 – Minister of Industry and Mineral Resources, Bandar Alkhorayef, announced that Saudi Arabia’s re-export activity reached an impressive SAR 61 billion in 2024, reflecting a significant 23% year-on-year growth. This remarkable increase, the minister emphasized, is the result of a strong infrastructure, the rapid development of logistics services, and the concerted and integrated efforts of various government entities working in harmony to support the Kingdom’s expanding trade sector.
Alkhorayef made this statement during his participation in the opening panel of the 6th Supply Chain and Logistics Conference held in Riyadh. The event, titled "The Role of Logistics Prosperity in Enhancing the Supply Chain Sector in the Kingdom and Achieving Global Competitiveness through Vision 2030 Pillars," served as a platform for discussing Saudi Arabia’s evolving logistics landscape and its role in driving global competitiveness.
The minister highlighted that the ongoing development of the logistics sector, alongside the strengthening of supply chains, are fundamental enablers for increasing the competitiveness of Saudi industry. He noted that these efforts are crucial for improving access to global markets for Saudi products, reducing operational costs for industrial investors, and attracting high-quality foreign investments to the Kingdom. As the country’s infrastructure continues to improve, it further enhances its ability to facilitate seamless trade, positioning Saudi Arabia as a key player in the global supply chain ecosystem.
Alkhorayef also addressed the challenges faced by the global logistics sector in recent years, which, he believes, present significant opportunities for Saudi Arabia to develop major logistics hubs that will boost connectivity and fortify the strength of supply chains. He emphasized that Saudi Arabia is well-positioned to take advantage of these opportunities by leveraging its strategic assets. The Kingdom’s geographic location, bridging three continents and connecting to global markets, coupled with its rich natural resources, abundant energy at competitive prices, and cutting-edge technological advancements, create a compelling case for international investors. Saudi Arabia is also one of the largest investors in digital infrastructure, which further strengthens its competitive edge.
The minister further affirmed that Saudi Arabia’s attractiveness as an investment destination is undeniable, as evidenced by the influx of global companies eager to tap into the Kingdom’s growing market and to benefit from its favorable investment environment. Key sectors such as automotive, shipping, food, pharmaceuticals, and daily consumer products have seen substantial investment, with industrial investors aiming not only to meet domestic demand but to position Saudi Arabia as a pivotal hub for exports to both regional and international markets.
One of the standout points Alkhorayef made was the importance of advanced infrastructure and logistics services in supporting the Saudi mining sector. These services are instrumental in creating added value within the industry and enhancing its global reach. He specifically referenced the logistical connections between critical industrial zones, including Wa’ad Al-Shamal, Ras Al-Khair, and Jubail Industrial City. These connections have played a vital role in the development of both the industrial and mining sectors, facilitating the efficient movement of goods and raw materials.
As a result of these logistical advancements, the Saudi Mining Company, Ma’aden, has seen its exports soar, reaching SAR 7 billion. This achievement has helped the Kingdom establish itself as the fourth-largest global exporter of phosphate. The minister also highlighted that Jubail Industrial City, a major hub for the Kingdom’s petrochemical industry, produces 6% of the world’s petrochemical output. Alkhorayef took pride in the fact that despite the relatively short period since the launch of the Kingdom’s comprehensive mining strategy, Saudi Arabia has already gained significant recognition on the global stage, becoming a prominent force in the mining sector.
Looking ahead, the minister mentioned that the upcoming International Mining Conference, scheduled for January, will further underscore Saudi Arabia's growing role in the global mining industry. The event has rapidly become one of the most influential mining conferences, bringing together stakeholders from around the world to discuss the key challenges and opportunities shaping the future of the sector.
In conclusion, Minister Alkhorayef emphasized that Saudi Arabia’s progress in logistics, mining, and industry is a direct result of Vision 2030’s strategic focus on infrastructure development, diversification, and global competitiveness. With strong governmental support and a clear vision for the future, Saudi Arabia is poised to continue its trajectory as a global economic leader in the years to come.