Saudi Arabia jumps 72 global positions in key World Bank logistics ranking

Saudi Arabia jumps 72 global positions in key World Bank logistics ranking
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Updated 20 December 2019

Saudi Arabia jumps 72 global positions in key World Bank logistics ranking

Saudi Arabia jumps 72 global positions in key World Bank logistics ranking
  • The Kingdom jumped 72 global positions in “Trading Across Borders” measure
  • It is an indicator which compares the time and cost of exporting and importing goods

LONDON: Saudi Arabia has been ranked as the world’s top ease of doing business improver by the World Bank Group’s Doing Business 2020 report.

The Kingdom jumped 72 global positions in “Trading Across Borders” measure — an indicator which compares the time and cost of exporting and importing goods.
The reforms included reducing customs clearance from seven to ten days to 24 hours, the reduction of the manual inspection rate at customs from 89 percent to 48 percent, and the reduction of the number of documents required to import from 12 to 2 and to export from 8 to 2.
“The recognition of Saudi Arabia’s progress by the World Bank confirms our sustained efforts to drive efficiency and competitiveness in the country’s logistics sector,” said Saleh bin Nasser Al-Jasser, transport minister and Saudi Logistics Hub chairman. "The Saudi Logistics Hub is now inviting foreign investors and business partners to join our ambitious journey to consolidate Saudi Arabia’s status as a leading logistics hub.”

Earlier this year, the Saudi Logistics Hub unveiled a $35 billion spending plan to transform the Kingdom into a global logistics center.
The Saudi Logistics Hub is currently on a two-month global roadshow, with a final stop in Germany in January 2020, which aims to promote investment opportunities in Saudi Arabia’s logistics industry. It also took in the UAE, Jordan, Egypt, China, Japan, Singapore, India, and Germany.
Saudi Arabia has invested more than $100 billion into transport and logistics infrastructure over the last decade which aims to capitalize on the 12 percent of global maritime trade that passes through the Red Sea.
The Saudi Logistics Hub is a government initiative formed by transport and logistics groups in Saudi Arabia with a mandate to support growth in the sector.

 


Egyptian minister hails reforms as public investment jumps 70%

Updated 17 min 40 sec ago

Egyptian minister hails reforms as public investment jumps 70%

Egyptian minister hails reforms as public investment jumps 70%
  • The rate of economic growth reached about 1.8 percent — less than the population growth rate
  • A plan to control population increase will begin in January 2021

CAIRO: The volume of public investment in Egypt grew by 70 percent in the 2020/2021 fiscal year, reaching 595 billion Egyptian pounds ($37.9 billion), Minister of Planning and Economic Development Hala Al-Saeed has said.

In a speech at the Egypt Economic Summit 2020, she said that Egypt could become one of only three economies across the Middle East to achieve economic growth this year.

The growth followed reforms that helped make the Egyptian economy “more flexible” and “able to absorb external shocks,” she said.

Al-Saeed said Egypt faced great challenges that led to imbalances in the monetary, financial and external axes, which caused a decline in Egyptian economic indicators. The rate of economic growth reached about 1.8 percent — less than the population growth rate.

The minister added that a plan to control population increase will begin in January 2021, as Egypt’s population is expected to grow by 2.5 million annually and reach 130 million in 2030.

Al-Saeed said that achieving development requires sustained economic progress to overcome weak population growth and the challenges facing the Egyptian economy in light of political and economic changes and the coronavirus pandemic.

The challenge helped Egypt commit to reforms based on comprehensive planning and an ambitious vision for the future, in the form of Egypt’s Vision 2030 sustainable development strategy, the minister said.

Egypt’s implementation of reforms since November 2016 led to “overall stability” and “comprehensive growth.” This was reflected in positive indicators that the Egyptian economy saw before the coronavirus outbreak, she added.

The rate of economic growth was about 5.6 percent in the first half of the 2019/2020 fiscal year, and about 5 percent during the third quarter. There was an average growth of 5.4 percent in the first nine months of the year, before the coronavirus outbreak.

Al-Saeed said that international institutions had “positive expectations” regarding the Egyptian economy.

She referred to the results of the World Economic Outlook report issued by the International Monetary Fund in October 2020, in which the Fund raised its expectations for Egypt’s gross domestic product growth to 3.5 percent for the year, compared with a previous forecast of 2 percent in the June report.

If the prediction is realized, it will make Egypt among only three economies in the Middle East and Central Asia to achieve economic growth this year.