In line with its 2030 vision of transforming Saudi Arabia into a logistics hub, the Saudi Arabian government on Sunday launched a mammoth new logistics zone for private investors in the Red Sea port of Jeddah.
The Al-Khomra logistics zone will extend over 2.3 million sqm and will cost a hefty penny at nearly $2bn.
However, if all goes according to plan, the Saudi government will see a return of $425bn and more than one million jobs created over the next decade.
The zone – which forms part of Saudi plans to privatise the logistics sector – will support activities around shipping, freight distribution and the transport of goods from all around the world.
According to Saad Al-Khalb, president of the Saudi Ports Authority, investment and infrastructure in the logistics zone will reach nearly $2bn.
The Saudi government set aside $30bn for the construction of six economic cities over a decade ago to diversify and expand the job market. It set a deadline of 2030 to achieve these goals.
