Saudi Arabia aims to be among top 10 countries in logistics: transport minister 

Shutterstock.
Short Url
Updated 04 October 2023
Follow

Saudi Arabia aims to be among top 10 countries in logistics: transport minister 

 

RIYADH: Saudi Arabia aims to be among the top 10 countries in logistics services, said Minister of Transport and Logistics Services Saleh bin Nasser Al-Jasser on Wednesday at the fourth extraordinary congress of the Universal Postal Union. 

During his speech at the five-day event held in Riyadh, Al-Jasser stated that Saudi Arabia has witnessed steady progress, thanks to the National Transportation and Logistics Strategy, and is expected to achieve its objectives under Vision 2030. 

This initiative aims to transform the Kingdom into a global logistics hub. 

“By 2030, our country is set to become one of the top 10 nations in the Logistics Performance Index,” Al-Jasser said. 

The minister continued: “We plan to achieve that through the establishment of 59 logistic zones and by increasing the ports capacity.” 

Al-Jasser also highlighted the Kingdom’s plans of serving and accommodating 330 million airline passengers and managing the transportation of 4.5 million tons of air cargo annually. 

“This strategy will help double the sector’s contribution to the national GDP,” the minister added. 

He also noted: “Our theme people, purpose, progress, the next chapter for the postal service, is an opportunity to discuss the present and the future of our industry, and to identify opportunities for sustainable development.” 

Furthermore, the minister acknowledged how the COVID-19 pandemic has highlighted Saudi Arabia’s strengths and the importance of leveraging these capabilities. 

“With the support and vision of Crown Prince Mohamed bin Salman, the transport, and logistics center in the Kingdom will be elevated to new heights,” Al-Jasser stated. 


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
Follow

Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.