MOVING FORWARD

Faisal Albedah, Managing Director and CEO of SAL Saudi Logistics Services, took the company public in November 2023, leading it through the year's second-biggest IPO for Saudi Arabia, with a market capital of over $3 billion. Now, he wants to make the kingdom a global logistics hub, connecting East with West.

- RAWAN HASSAN

When Saudi Arabia was announced as the host of Expo 2030 in November 2023, Faisal Albedah, Managing Director and CEO of SAL Saudi Logistics Services, was one of many business leaders in the kingdom to celebrate the win. “This is a big milestone for Saudi and the logistics sector,” he stresses. “This global event will undoubtedly generate immense cargo and logistics requirements.”

When the U.A.E. hosted Expo 2020 in Dubai from October 2021 to March 2022, it welcomed 24 million visitors. The country saw a 31.8% increase in revenues in 2022 thanks to its non-oil sectors, specifically trade, tourism, and logistics. DP World, which played an integral role in fulfilling the event’s supply chain needs, handled 13.7 million TEU through Jebel Ali in 2021, up 1.9% from the year before.

With an ambitious goal to handle 4.5 million tons of air cargo by 2030, Saudi Arabia is now elevating its logistics sector from a supporting role to a driving force of economic development. This has been evident this year, with Saudi Arabia rising 17 places in the World Bank’s annual Logistics Performance Index (LPI) in 2023, ranking 38 out of 139 countries. “Logistics was always a side dish. Now it’s a main dish thanks to Vision 2030,” adds Albedah.