Saudi Arabia’s maritime sector is set to receive a much-needed cash boost of SR33 billion ($8.8 billion).
The massive investment, announced as part of the Kingdom’s 2019 budget, will be concentrated on the energy, industry, mining and logistics sectors.
The government’s blueprint for growth, being delivered under its Vision 2030 banner, is expected to see this year’s revenues in Saudi increase to SR975 billion.
The second Saudi Maritime Congress, to be held on March 11 and 12 at the Four Seasons Hotel Riyadh Kingdom Center, will examine the budgetary implications for the maritime sector in fine detail.
Hosted by the Saudi Ports Authority (MAWANI) in partnership with the Saudi shipping company Bahri, the event is also expected to set new trends in the shipping and logistics industry, providing extraordinary insights into the country’s ambitious growth agenda and consolidate Saudi Arabia’s position as a global trading hub and strategic gateway to Asia, Africa and Europe.
During the two-day congress, international experts, influential maritime leaders and professionals from the shipping, ports and offshore marine companies will discuss ways of working together to fast-track growth and development in the maritime industry sector.
Chris Hayman, chairman of Seatrade, said: “We are pleased to organize the Saudi Maritime Congress for the second time, following the great success of the first edition in 2014.
“Against the background of global change, the Kingdom of Saudi Arabia’s Vision 2030 plan is set to transform the Saudi economy, with massive consequences for its maritime and logistics sectors. This event will provide a unique opportunity to see at first hand the scale and nature of the developments which are now unfolding in the Kingdom, as it consolidates its role as a major industry player and as a global logistics hub.
Hayman added: “The Saudi Maritime Congress will provide an ideal platform for discussing with key players the future direction of maritime and logistics policy in the Kingdom and for showcasing the commercial and investment opportunities which this ambitious pathway toward sustainable development represents.”