Saudi Arabia’s maritime sector is set to receive a much-needed boost with the allocation of SR 33 billion ($8.8 billion) for the energy, industry, mining and logistics sectors in its recently announced budget for 2019.
In fact, the country is on an aggressive growth and diversification path, with substantial government spending expected to catalyse its ‘Vision 2030’ goals and drive sustainable growth and development, said maritime experts.
On the back of strong growth, revenues in the kingdom are also projected to increase this year to SR975 billion, setting an optimistic blueprint for exponential growth and progress.
The 2nd Saudi Maritime Congress, to be held on March 11 and 12 at the Four Seasons Hotel Riyadh, Kingdom Centre, Riyadh, will closely examine the implications of the budgetary allocations on this sector, focus on the growth of intra-regional trade and the booming north-south network, analyse the changing regulatory environment and study existing project opportunities.
Held under the patronage of the Saudi Ports Authority (Mawani) and in partnership with 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 a strategic gateway to Asia, Africa and Europe, said the organisers.
For two days, international experts, influential maritime leaders and professionals from the shipping, ports and offshore marine companies will do business, forge new partnerships and discuss key market and sectoral insights, to fast-track growth and development in this vital industry.
Chris Hayman, chairman of Seatrade, said: “We are pleased to organise the Saudi Maritime Congress for the second time, following the great success of the first edition in 2014. Against the background of global change, 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.”
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 towards sustainable development represents, he said.