Saudi Arabia's Re-Exports Surge To SAR 61 Billion With 23% Growth In 2024

Saudi Arabia's re-export exports reached SAR 61 billion in 2024, marking a 23% increase from the previous year. Minister of Industry and Mineral Resources, Bandar Alkhorayef, attributed this growth to robust infrastructure and the swift advancement of logistics services. He highlighted the coordinated efforts of government systems as a significant factor during his speech at the 6th Supply Chain and Logistics Conference in Riyadh.

Alkhorayef emphasized that enhancing logistics and supply chains is crucial for boosting Saudi industry competitiveness. This development aids in improving access to global markets for national products, reducing costs for industrial investors, and attracting high-quality investments. The minister noted that recent global challenges present opportunities for Saudi Arabia to establish major logistics hubs.

Saudi Arabia's strategic assets include its geographic location connecting three continents, abundant natural resources, competitive energy prices, and technological advancements. These factors position the country as an attractive destination for global companies seeking investment opportunities. Alkhorayef stated that Saudi Arabia is one of the largest investors in digital infrastructure.

The minister highlighted that Saudi Arabia aims to attract high-quality investments in sectors such as automotive, shipping, food, pharmaceuticals, and consumer products. Industrial investors plan to use Saudi Arabia as a hub for exporting to regional and international markets beyond meeting domestic demand.

Advanced infrastructure and logistics services play a vital role in enhancing the Saudi mining sector. The logistical connection between Wa'ad Al-Shamal, Ras Al-Khair, and Jubail Industrial City has significantly contributed to developing both industrial and mining sectors. As a result, exports from the Saudi Mining Company "Ma'aden" reached SAR 7 billion.

Saudi Arabia has become the fourth-largest exporter of phosphate globally. Additionally, Jubail Industrial City produces 6% of the world's petrochemicals. Alkhorayef noted these achievements underscore the importance of infrastructure in creating added value within the mining sector.

Global Mining Sector Position

"Although the period since the launch of the comprehensive strategy for mining has been short," said Alkhorayef, "the Kingdom has already established a prominent position in the global mining sector." The upcoming International Mining Conference will be a key event for stakeholders worldwide to discuss challenges and opportunities within this sector.

The conference will take place in January, bringing together industry leaders from around the globe. This event highlights Saudi Arabia's growing influence in mining discussions on an international scale.

With inputs from SPA