Startup Wrap – MENA funding eases in August; recovery signs emerge in September 

Startup Wrap – MENA funding eases in August; recovery signs emerge in September 
Founded in Egypt in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap offers revenue-based and embedded finance solutions to help small and medium-sized enterprises scale up their inventory. Supplied
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Updated 15 September 2024
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Startup Wrap – MENA funding eases in August; recovery signs emerge in September 

Startup Wrap – MENA funding eases in August; recovery signs emerge in September 

RIYADH: Investments in the Middle East and North Africa eased in August, with total funding reaching $83 million across 30 rounds. 

This reflects a 76 percent drop from July’s $355 million and a 24 percent year-on-year decrease, according to Wamda and Digital Digest’s monthly report. 

Unlike previous months, August did not see any megadeals, with the largest round being UAE-based Yuze’s $30 million deal. Debt financing played a minimal role, accounting for only 3 percent of the total raised capital. 

The UAE once again led the region in startup investments, as 13 UAE-based startups raised $55.7 million. 

Saudi Arabia followed with $16 million secured across nine deals. Egypt, which had been a top performer in July, saw a sharp decline, raising just $7.6 million from four deals, while Kuwait made it to the top four with a single deal — Kem’s $3 million raise. 

Investor interest remained concentrated on fintech, which continued to be the most funded sector for the third consecutive month, raising $54 million across eight deals. Web3 also regained momentum, securing $13.5 million in three rounds, while food tech reappeared on the scene, raising $9 million through four deals. 

The month was dominated by early-stage funding, with two startups raising a total of $19 million in Series A rounds, and five startups raising $15.6 million in seed rounds. Seven startups did not disclose their funding stages, accounting for $35.4 million of the total investment. 

Business-to-business models remained highly attractive to investors, with 13 startups raising $46 million. Business-to-consumer models attracted $15 million across five rounds, while the remaining funds went to startups operating in both sectors. 

Female-led startups continued to face challenges in raising capital, securing just 0.3 percent of the total investment in August. Only one female-founded startup, Powder Beauty, raised an undisclosed pre-series A round, and another female co-founded startup received a $150,000 accelerator grant. 

The MENA entrepreneurial ecosystem also saw other notable developments in August, including the formation of the Waad Investment firm, a coalition of Gulf-based family offices targeting a $200 million fund, and a $100 million fund launched by Singapore-based Gate Ventures and the Blockchain Center in Abu Dhabi to promote Web3 innovation. 

In Egypt, T-Vencubator launched the “Where’s the Problem?” initiative to support the local startup ecosystem. 

On the mergers and acquisitions front, August saw the UAE-based property crowdfunding platform Maisour acquired by Meteora Developers, while Kuwait-based proptech Sakan acquired Qatari company Hapondo. 

FlapKap raises $34m in pre-series A round 

UAE-based fintech FlapKap raised $34 million in a pre-series A round consisting of both debt and equity financing. The round was led by BECO Capital, with additional participation from Pact VC, A15, Nclude, QED Investors, and debt financing from Channel Capital. 

Founded in Egypt in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap offers revenue-based and embedded finance solutions to help small and medium-sized enterprises scale up their inventory and digital ad spending with fast access to capital and the flexibility to pay later. 

The new capital will enable FlapKap to expand its SME financing services across the Gulf and the broader Middle East region. The company previously raised $3.6 million in a seed round, bringing its total funding to $37.6 million. 

Paymob raises $22m in series B extension 

Egypt-based fintech Paymob secured an additional $22 million in a series B extension round, bringing the company’s total Series B funding to $72 million. 

The round was led by EBRD Venture Capital, with participation from Endeavor Catalyst, as well as existing investors including PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures. 




Founded in 2015 by Islam Shawky, Alain El-Hajj, and Mostafa El-Menessy, Paymob provides digital payment solutions to both online and offline merchants.Supplied 

Founded in 2015 by Islam Shawky, Alain El-Hajj, and Mostafa El-Menessy, Paymob provides digital payment solutions to both online and offline merchants. The additional funding will help the company pursue its growth strategy across the MENA region. 

HissaTech secures $666k in pre-seed funding 

Saudi Arabia-based proptech HissaTech raised SR2.5 million ($666,164) in a pre-seed round led by undisclosed angel investors. 

Founded in 2024 by Ali Al-Shareef, HissaTech provides a platform that allows individuals to co-own properties, offering rental income and potential capital gains, making property investment more accessible to smaller investors. 

The company plans to use the funding to expand its customer base, enhance its digital platform, and build strategic partnerships within the property tech sector. 

Entlaq acquires stake in food tech Brotinni 

Egypt-based entrepreneurship support company Entlaq has acquired a stake in Brotinni, an Egyptian food tech startup, for an undisclosed amount. 

Founded in 2020 by Dalia Abu Omar, Brotinni operates as a dark store, providing customers with online access to meat and poultry products. 

The investment will support Brotinni’s plans to expand its operations both within Egypt and in regional markets. The company previously raised $600,000 in a seed round in 2022, led by Innlife Investments. 

IO Kitchens closes $2.8m seed round 

Oman-based cloud kitchen startup IO Kitchens has closed a $2.8 million seed round, led by Tanmia Small-Cap Fund, with additional backing from regional family offices and investors. 

Founded in 2021 by Hisham Hasan, IO Kitchens operates delivery-only cloud kitchens and manages a portfolio of over 30 food and beverage brands. The funding will allow the company to scale its operations across Oman. 

Oyster raises $59m, reaches $1.2bn valuation 

Lebanese-founded Oyster raised $59 million in its latest series D funding round, reaching a valuation of $1.2 billion. 

Founded by Lebanese entrepreneur Tony Jamous, the company offers a payroll and human resources platform that specializes in distributed workforces or global employment. 

The new funding brings Oyster’s total raised to $286 million and pushes its valuation to $1.2 billion, up from $1 billion in 2022 when it secured its $150 million series C. 

This marks a notable achievement, as the company has maintained its valuation while many tech firms have faced downturns amid challenging market conditions, according to a report by Tech Crunch.  

“We’ve grown significantly, more than 7x in two years, and we improved our margins tremendously. It’s a completely different business financially. So I’m glad that we did not have a down round, which would have been the expected scenario if we didn’t grow that much and improved the business in that time,” Jamous told Tech Crunch.


Saudi Post set to unveil region’s largest super sorting center

Saudi Post set to unveil region’s largest super sorting center
Updated 13 October 2024
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Saudi Post set to unveil region’s largest super sorting center

Saudi Post set to unveil region’s largest super sorting center

RIYADH: Saudi Arabia’s national postal company is preparing to launch the region’s largest super sorting center by early next year as part of its transformation strategy.

Anef Abanomai, president of Saudi Post, shared details about the new center with Arab News during the inaugural Global Logistics Forum in Riyadh.

The official said the facility is expected to significantly enhance supply chain capabilities, reduce delivery times, and support the Kingdom’s growing role as a global logistics hub.

“We have a plan. We’re hoping to be launching our design phase for our super sorting center toward the end of this year, early next year, as soon as we’re done with some permits and logistics challenges there,” Abanomai said.

The president emphasized that the launch of the upgraded sorting center, the largest in the region, will significantly boost productivity and services while also reducing costs and improving delivery times.

Abanomai noted that the organization is transitioning from traditional manual sorting methods to an automated, robotics-based system as part of its digital transformation strategy.

Previously, sorting was performed by staff who manually categorized and redirected items, making the process labor-intensive and susceptible to human error.

“That’s not the most efficient way to do it. It’s very challenging in terms of scalability and introduces a lot of risk for inconsistency, and mistakes happen that increase the cost,” Abanomai said.

He added: “Part of our digital transformation and automation roadmap was the introduction of robotics as a solution to improve our sorting, operation and process, which has been successful in deployment. Now, we’ll begin to gauge the impact on our efficiency cost to serve the resiliency of the service.”

According to Abanomai, Saudi Post is undergoing a significant transformation from a traditional postal operator, focused primarily on letters and stamps, to a comprehensive logistics provider.

This shift aligns with Saudi Arabia’s Vision 2030, leveraging the Kingdom’s strategic geographical position to connect three continents and enhance trade across various sectors.

Abanomai emphasized the necessity to expand and invest in various capabilities, particularly in logistics.

“When we talk about ports—seaports, airports, and land ports—there is a need to enhance and develop these areas to facilitate a more efficient and effective movement of goods and people, ultimately improving connectivity,” he stated.

He continued: “That will have a positive impact on many different industries, whether it’s trade, industrial manufacturing, mining, any industry, you can think of potentially will have an impact, through these capabilities that are being brought and invested in the country.” 

Another key catalyst for SPL’s transformation was the pandemic, which accelerated the organization’s shift and prompted the development of healthcare logistics solutions.

Abanomai explained that during COVID-19, government hospitals faced challenges in providing medications to patients due to restrictions on visits. In response, SPL implemented a rapid solution to deliver medications directly from hospital pharmacies to patients’ homes. Beyond healthcare, SPL has also expanded into innovative logistics operations.

“Over the past year, we’ve moved not just letters, electronics, and medications but also horses for the Saudi Cup, the world’s most prestigious horse race,” Abanomai said. 

He added: “This is just one example of how our logistics arm is helping position SPL as a leader in multiple sectors.”

The transformation involves leveraging existing capabilities and new investments to offer a broader range of services beyond what is typically expected from a postal operator.

One key example that he provided is SPL’s involvement in e-commerce logistics. The organization supports merchants by improving their access to customers, particularly through enhanced last-mile delivery solutions and sorting capabilities.

One of the biggest challenges facing the postal and logistics industry today is meeting evolving customer expectations, according to Abanomai.

“There’s always demand for faster, bigger, and less expensive services,” he said. 

Customers are also seeking more control, customization, and flexibility in the services they receive, which adds significant pressure on logistics providers. Balancing these demands with the operational realities is also complicated.

“The way logistics operations work is really through economies of scale,” Abanomai said.

To remain efficient, companies must invest in large-scale solutions and standardized processes, which can create tension as customers increasingly expect tailored and flexible services. A significant challenge for SPL and other logistics providers is the need to adapt swiftly to these changing expectations while maintaining operational efficiency.

“How do we create these solutions that are customizable, more efficient, and allow the control, at least the perception of control, for our clients and give them that ability to customize to their needs, without disrupting these standardized processes that the logistics providers have,” Abanomai said.

 


Closing Bell: Saudi main index closes in green at 12,069

Closing Bell: Saudi main index closes in green at 12,069
Updated 13 October 2024
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Closing Bell: Saudi main index closes in green at 12,069

Closing Bell: Saudi main index closes in green at 12,069
  • MSCI Tadawul Index increased by 6.27 points, or 0.42%, to close at 1,510.67
  • Parallel market Nomu surged, gaining 600.43 points, or 2.45%, to close at 25,123.38

RIYADH: Saudi Arabia’s Tadawul All Share Index surged on Sunday, gaining 74.99 points, or 0.63 percent, to close at 12,069.21. 

The total trading turnover of the benchmark index was SR5.69 billion ($1.51 billion), as 189 of the listed stocks advanced, while 35 retreated.  

The MSCI Tadawul Index increased by 6.27 points, or 0.42 percent, to close at 1,510.67. 

The Kingdom’s parallel market Nomu surged, gaining 600.43 points, or 2.45 percent, to close at 25,123.38. This comes as 48 of the listed stocks advanced, while 20 retreated. 

The best-performing stock of the day was Fawaz Abdulaziz Alhokair Co., with its share price surging by 9.98 percent to SR13.44. 

Other top performers included Development Works Food Co., which saw its share price rise by 9.86 percent to SR140.40, and Batic Investments and Logistics Co., which saw a 9.38 percent increase to SR4.08. 

The worst performer of the day was Al-Baha Investment and Development Co., whose share price fell by 9.52 percent to SR0.38. 

Al Majed Oud Co. and Anaam International Holding Group also saw declines, with their shares dropping by 5.95 percent and 2.16 percent to SR158 and SR1.36, respectively. 

Saudi Advanced Industries Co. has announced its estimated financial results for the period ending on Sept. 30. ​​SAIC’s shares advanced in today’s trading session, surging by 4.95 percent to reach SR37.10.

According to a Tadawul statement, the firm recorded a net profit of SR285.53 million in the first nine months of the year, reflecting a 156.84 percent surge compared to the same period in 2023. 

The rise in net profit for the current period, compared to the same period last year, is driven by higher revenue, despite increases in general and administrative expenses, financing costs, and zakat expenses. 

The Saudi Exchange has also announced the issuance of its resolution approving Shatirah House Restaurant Co. request to transfer from Nomu to the main market, with a capital of SR35 million and 35 million shares.  

The company’s shares will continue to be traded in the parallel market until the end of the period for publishing the transfer document, accordingly, the issuer must publish the transfer document within three trading sessions following the announcement of Saudi Exchange’s approval of the transfer request. 

The transfer document will be available to the public for viewing on the websites of the issuer, Saudi Exchange and the financial adviser for a period of ten trading sessions.

Accordingly, the trading of the issuer’s shares will cease starting from the day following the end of the period for publishing the transfer document for a period not exceeding five trading sessions, and the transfer procedures will begin. 

Saudi Exchange will also announce the cease of trading the shares and the start date of listing the issuer’s shares in the main market as soon as the procedures are completed. 

Tamkeen Human Resources Co., one of Saudi Arabia’s premier providers of innovative human resources solutions, has announced the price range for its initial public and the commencement of the institutional book-building period for participating parties. 

The price range for the offering has been set between SR46 and SR50 per share. The institutional book-building period commenced Oct. 13 and will end on Oct. 17. 

The offering will also consist of a secondary offering of 7.95 million offer shares, representing 30 percent of the company’s total issued share capital. 

It’s net proceeds will be distributed to the selling shareholders. The company will not receive any part of the proceeds from the offering. 

The final price at which all subscribers in the offering will purchase shares will be determined at the end of the book-building period.


Saudi Arabia aims for global logistics hub status by 2030 with tech Investments 

Saudi Arabia aims for global logistics hub status by 2030 with tech Investments 
Updated 13 October 2024
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Saudi Arabia aims for global logistics hub status by 2030 with tech Investments 

Saudi Arabia aims for global logistics hub status by 2030 with tech Investments 

RIYADH: The King Salman International Airport Development Co., a Saudi wealth sovereign fund-owned company, announced it had signed an agreement with ewpartners, a firm specializing in private investment, strategic alliances, and asset initiatives.

The partnership with the Public Investment Fund aims to leverage Saudi Arabia’s location as a link between three continents to drive growth and enhance operational excellence in the logistics sector, reported the Saudi Press Agency.

The parties will explore establishing an economic center for e-commerce and distribution, which is one of the hubs announced by the Ministry of Transport and Logistics Services.

This initiative aims to improve supply chains and facilitate investment and trade, thereby achieving the goals of the National Transport and Logistics Strategy and the objectives of Saudi Vision 2030.

The agreement strives to establish a logistics center at King Salman International Airport, designed to strengthen distribution management ties between China and Saudi Arabia.

This will play a significant role in positioning the Kingdom as a key regional hub for air freight, as per SPA.

The center is expected to enhance the efficiency and capabilities of distribution at the regional and international level, establishing the airport as a global logistics hub and reflecting the strategic role of Saudi Arabia in global services.

Marco Mejia, the acting CEO of KSIADC, commented that this partnership represents an important step toward realizing its vision of making KSIA a primary logistics center that serves regional and global companies and supports the country’s trade expansion.

He added: “Through our collaboration with ewpartners, we aim to enhance the Kingdom’s logistical infrastructure, increase operational efficiency, and create new opportunities that contribute to economic growth in the Kingdom and the region.”

Jerry Li, founder and managing partner of ewpartners, highlighted that the strategic location of the airport, along with its extensive regional commercial capabilities, will open new avenues for growth and innovation in the logistics and e-commerce sectors in the Kingdom.

The news agency underlined that partners would work to enhance various areas, including infrastructure, digital services, advanced manufacturing, and logistics.


Green practices in logistics offer profit, efficiency amid disruptions, says Al-Jubeir

 Green practices in logistics offer profit, efficiency amid disruptions, says Al-Jubeir
Updated 13 October 2024
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Green practices in logistics offer profit, efficiency amid disruptions, says Al-Jubeir

 Green practices in logistics offer profit, efficiency amid disruptions, says Al-Jubeir

RIYADH: Saudi Arabia’s commitment to developing an environmentally friendly logistics sector was highlighted by Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir during a fireside chat at the Global Logistics Forum in Riyadh.

Al-Jubeir outlined the substantial advantages of adopting green practices in logistics, stating, “Being green is profitable. Being environmentally friendly can be extremely lucrative. There’s often confusion stemming from the emotional discussions surrounding climate change; people conflate these emotions with reality. The reality is that investing in renewable energy is highly profitable.”

He also pointed out the efficiency of alternative energy sources, noting, “Ships powered by hydrogen and other alternative fuels are more efficient.” He acknowledged the growing pressure on countries to embrace sustainable practices but reassured that the shift toward environmental responsibility is beneficial because “it pays.”

According to a report by McKinsey & Co., the global green logistics industry is projected to grow significantly from $50 billion in 2025—about 2 percent of total logistics spending—to $350 billion by 2030, representing 15 percent of the broader sector.

A report from SAP, a German multinational software company, further supports this trend, indicating that green logistics enhances long-term profitability. “While initial investments are necessary to realize the benefits of green logistics, the long-term gains far exceed the costs,” the report stated.

Al-Jubeir concluded by underscoring the importance of efficiency in the logistics sector, emphasizing its critical role in achieving success in a competitive global marketplace.

“Efficiency is critical. The saying goes, ‘the future belongs to the efficient,’” stated Al-Jubeir, emphasizing that a company's ability to produce, package, transport, and market goods efficiently directly influences its sales performance.

He underscored the importance of optimizing every aspect of the logistics process, from the efficiency of ships and ports to the speed of loading and unloading containers and delivering goods to consumers. “Companies will become more efficient because that drives profit,” he added, linking operational efficiency to both commercial success and environmental sustainability.

Al-Jubeir also highlighted a global trend toward increased integration. While acknowledging potential conflicts at the micro level between specific countries or sectors, he stressed that the overarching historical trajectory is one of growing interconnectedness. “The world is more connected today than it ever has been, and it will continue to be as we move forward,” he asserted.

Despite the turbulence accompanying major transitions, such as the current shift from the information age to a post-information era, he expressed confidence in humanity’s capacity to adapt and solve problems. He pointed out that, throughout history, societies have consistently managed to progress despite disagreements and challenges.

Moreover, Al-Jubeir emphasized the importance of embracing diversity and cooperation in a multicultural world. He argued that shared universal values should foster mutual respect rather than the imposition of values on others.

In discussions surrounding trade and multilateral issues, he noted that disagreements often arise from a focus on competition rather than collaboration. “We need to focus on the problem and find solutions,” he said, expressing optimism that with the right technology, capital, and collective effort, the global community is well-equipped to tackle its challenges.

In another panel titled “The Resilience of Logistics Services in the Face of Disruption in the Red Sea,” top officials addressed the impacts of instability in one of the world’s most crucial maritime routes.

Rumaih Al-Rumaih, vice minister of transport and logistic services, underscored the importance of resilience in global trade routes, especially in light of recent disruptions in the Red Sea.

“The Red Sea is one of the main arteries for global trade,” Al-Rumaih explained, noting that disruptions in this vital route can have significant local, regional, and global repercussions. He highlighted the rise in maritime freight costs and the extended travel times as vessels are forced to reroute around the Cape of Good Hope, which can add up to 15 days to their journeys.

Reflecting on lessons learned from the COVID-19 pandemic, Al-Rumaih stated: “We should not take things for granted,” emphasizing that the Kingdom is now better equipped to handle such disruptions. He also discussed Saudi Arabia’s initiatives to diversify its logistics and transport networks to reduce reliance on any single route.

He pointed to the increased utilization of Gulf ports during the Red Sea disruptions and emphasized the Kingdom’s robust road and rail connectivity, which has played a crucial role in mitigating the impact of these challenges.

Osama Rabiee, chairman and managing director of the Suez Canal Authority, echoed concerns regarding significant disruptions faced by the canal. He reported that delays in shipments and rerouted vessels have caused Suez Canal revenues to drop from $9.4 billion last year to $7.2 billion.

Rabiee also highlighted the environmental implications, noting that ships traveling longer routes burn more fuel, which contributes to higher emissions. Despite these challenges, he affirmed the ongoing safety and reliability of the Suez Canal, stating, “The Suez Canal remains the safest and shortest route for global maritime traffic.”

Bud Darr, executive vice president of Maritime Policy and Government Affairs at MSC Group, addressed the broader challenges facing the shipping industry due to regional instability. “I don’t think anyone could say we’re on a pathway towards de-escalation in the region,” Darr remarked, emphasizing that the safety of seafarers influenced MSC’s decision to reroute vessels.

He pointed out the environmental and operational costs associated with longer routes, including increased emissions and impacts on service reliability and capacity.

Darr stressed the importance of building resilience into the supply chain, revealing that MSC had invested in additional capacity even before the current disruptions, enabling the company to adapt more effectively. “It’s not about the bare minimum; it’s about being ready for the next Black Swan event,” he added.


Saudi Arabia to invest $267bn in logistics to become global hub by 2030: minister

Saudi Arabia to invest $267bn in logistics to become global hub by 2030: minister
Updated 13 October 2024
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Saudi Arabia to invest $267bn in logistics to become global hub by 2030: minister

Saudi Arabia to invest $267bn in logistics to become global hub by 2030: minister
  • Saudi Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser said that SR200 billion of the total amount has already been deployed
  • Al-Jasser said there is no better time to hold this forum as the global logistics industry stands at a critical juncture

RIYADH: Saudi Arabia is set to invest over SR1 trillion ($267 billion) in its logistics sector, underlining its ambition to become a global hub by 2030, according to a senior official. 

Speaking at the inaugural Global Logistics Forum 2024, which began on Oct. 13 in Riyadh, Saudi Minister of Transport and Logistics Services Saleh bin Nasser Al-Jasser said SR200 billion of the total amount has already been deployed.  

“These investments have translated into leapfrogs in the Saudi logistics sector, leading us to rise in global rankings, jumping 17 ranks in the Logistics Performance Index issued by the World Bank and 14 places in the Global Connectivity Index of the International Air Transport Association,” he said.  

The country’s transport and logistics plan, launched by Crown Prince Mohammed bin Salman, aims to strengthen Saudi Arabia’s position as a global logistics hub connecting three continents.  

This initiative, part of the broader Vision 2030 program, focuses on modernizing transportation systems, enhancing integration within the logistics network, and supporting the Kingdom’s overall development goals. 

In his speech, Al-Jasser said there is no better time to hold this forum as the global logistics industry stands at a critical juncture. 

“Current disruptions highlight the fundamental needs to ensure the safety and security of the supply chain and the seamless functioning of the backbone of global commerce, so economies thrive, goods get delivered, and people are connected,” he said. 

The minister noted how logistics have impacted his own life, from delivering his favorite cup of coffee to his home to transporting vaccines to remote, otherwise unreachable areas. 

Al-Jasser said that over the next two days, the forum will address the challenges facing the sector and shape a sustainable future that promotes prosperity for all. 

“Where could it be better to hold the global logistics forum than at the crossroads of Asia, Europe, and Africa, the heart of global connectivity, where more than 40 percent of the world’s gross domestic product is reached within six hours,” he said. 

Al-Jasser also highlighted Saudi Arabia’s historical significance as a trade hub, referencing ancient networks like the Incense Road, the Spice Road, and the sea route of the Silk Road.   

“These routes, which spanned continents, carried not only goods but also ideas and cultures that shaped civilizations. Now, once again, we are at the forefront of global trade through cutting-edge infrastructure, such as King Salman International Airport, state-of-the-art seaports, and a robust rail network,” Al-Jasser added.  

He also emphasized the Kingdom’s strides in sustainability through the Saudi Green Initiative. 

“Last year alone, using the Saudi rail network, we eliminated the equivalent of 1 million truck journeys from our roads, drastically reducing carbon emissions,” he said.  

Al-Jasser noted that advancements in technologies such as artificial intelligence, blockchain, and smart infrastructure are reforming the global supply chain, reducing costs, increasing speed, and protecting the environment.  

Major deals  

Following Al-Jasser’s speech, several agreements were signed, including a maritime connectivity cooperation agreement between the Kingdom’s Transport General Authority and the Egyptian Ministry of Transport.  

King Salman International Airport Development Co. and ewpartners, an independent investment firm, signed a memorandum of understanding for collaboration in the KSA-Sino Logistics Zone. Additionally, the Mediterranean Shipping Co. and King Abdullah Port inked a contract for a temperature-controlled warehouse at King Abdullah Port.  

Matarat Holding and the Ministry of Transport signed an agreement for 24 seats in the Custodian of the Two Holy Mosques Scholarship Program. ALTANFEETHI and the Ministry of Transport and Logistics Services signed a similar agreement for eight seats, while Saudi Arabia Railways secured 30 seats under the program.   

The Saudi Logistics Academy, along with the Ministry of Human Resources and Social Development, launched an initiative to train 7,800 individuals in transport and logistics services through 60 different training programs and diplomas. 

On the sidelines of the event, Agility, a global supply chain services provider, announced the final phase of its expansion at Agility Logistics Parks in Riyadh. 

The SR250 million project will add 100,000 sq. meters of Class A warehousing, bringing the total space to 551,368 sq. meters. The first phase is expected to open in the first quarter of 2025, creating nearly 300 Saudi jobs. 

Agility is also investing SR611 million to build a third logistics complex near Jeddah, according to a press release. 

Michel Saab, global CEO of Agility Logistics Parks, said the Riyadh expansion is more than just increasing capacity — it represents a significant contribution to Saudi Arabia’s logistics market and will attract global firms to grow in the Kingdom. 

“By building world-class warehousing, we are able to provide critical infrastructure that is helping to make the Kingdom a global and regional logistics hub,” he said. 

The Global Logistics Forum 2024, organized by the Ministry of Transport and Logistics Services and held under the patronage of King Salman, aims to redefine the global landscape of trade and supply chains.   

By bringing together ecosystem partners at the King Abdullah Financial District in Riyadh, this two-day forum seeks to enhance efficiency, resilience, sustainability, and profitability, ultimately fostering prosperity in an increasingly interconnected world. 

Amid challenges such as international tensions, economic instability, complex supply chains, and the growing impact of climate change, the logistics sector is at a pivotal moment.  

The forum aims to bolster international collaboration and drive growth in the logistics sector by showcasing the latest technologies and innovative solutions. 

This first edition of the Global Logistics Forum marks a pivotal event for the Ministry of Transport and Logistics Services as it seeks to revolutionize global trade and supply chains by enhancing efficiency and profitability.