“Finance”: a committee to study the financing of logistical services and port development

The head of the steering committee at the Ministry of Finance, Abdulaziz Al-Fraih, revealed the approval of a ministerial committee to study the logistics situation and supply chains in the Kingdom. Al-Fraih explained that the committee is part of the national industry development and logistics services program, which includes major projects, the most important of which is addressing the challenges facing the sector, such as improving customs clearance processes, updating laws, automating services, studying financing actors in the field of logistics services and developing seaports and airports. During a hypothetical symposium entitled “Managing Supply and Supply Chains, Future Opportunities and Gains in Light of the Coronavirus Pandemic,” he indicated that an executive committee was formed to oversee the map and focus on the most influential projects.

He revealed a serious study and careful follow-up of several files in order to improve supply chains, including providing competitive logistics services, setting high standards for shipping and storage and providing reservation and tracking systems, and work is underway to integrate the new infrastructure to build on. The Public Investment Fund said that its investments in the transport and logistics sector and supply and supply chains are working to support and strengthen the distribution networks of service providers and local factories, facilitate their access to the world, and achieve the Saudi Vision 2030 in transforming the Kingdom into a global logistics center that attracts local industries and global investments.

In the same context, the Minister of Industry – Bandar Al-Kharif said that the Corona crisis revealed the importance of paying attention to the local supply network and relying on local industry to provide basic needs. Alkhorayef stressed that local factories have demonstrated a high ability to boost production to new levels, including efficiently manufacturing preventive tools, and working on many initiatives to overcome the effects of the pandemic in the industrial sector, including financial support for working capital for factories in sectors related to the pandemic, and bearing The financial return on all local factories, and others, which speeds up the factories to return to the highest levels of production. There are 1,400 foodstuff factories in the Kingdom and this sector has distinct logistical capabilities that include refrigerated transport fleets and central distribution warehouses spread across the various regions of the Kingdom and the Gulf.

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