Striving to meet Saudi Arabia’s growing international shipping demands, FedEx Express has announced on Thursday its plans to invest more than SR1.5 billion ($400 million) into the Saudi economy over the next 10 years, Gulf Business reports.
The delivery services company, a subsidiary of FedEx Corp, has announced its transition to a direct-serve presence in Saudi Arabia as part of its commitment to the Kingdom’s non-oil economy, investing in talent management and local operations and infrastructure.
In line with Saudi’s Vision 2030 goals to diversify the national economy and the ‘National Industrial Development and Logistics Program’, FedEx Express’ investment aims to increase non-oil exports to more than SR1 trillion ($266 billion).
The regional president of FedEx Express Middle East, Indian Subcontinent, and Africa, Jack Muhs stressed that this strategic expansion of the company in the kingdom will help Saudi-based businesses connect to new world markets and customers, allowing them opportunity to take advantage of FedEx digital tools and a wider service portfolio.
Muhs added that they also envision FedEx Express to play an important role in developing the small- and medium-enterprise environment which forms the backbone of the economy in Saudi Arabia and represents 99% of its private sector
Offering international solutions and connectivity through local service providers, FedEx Express has been facilitating trade in Saudi Arabia since 1994, most recently through SAB Express, and will continue to work closely with them to provide pickup, delivery, and customs clearance services across the country.
SAB Express chairman Sheikh Salah Al Bluewi, pointed that logistics sector is a key contributor towards employment, investment, and overall economic growth in Saudi Arabia and underlined their readiness to continue supporting FedEx Express and join them in playing a critical role in developing Saudi logistics infrastructure.