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TASC Outsourcing Unveils Insights Into Saudi Arabia's Thriving $2.5 Trillion Logistics Market
(MENAFN- Mid-East Info) Al Riyadh, Saudi Arabia: TASC Outsourcing, the leading business and workforce solutions specialist, recently partnered with Deheng Middle East Law Offices and MSR Law Ascertainment Center, to host a high-impact webinar exploring investment opportunities in Saudi Arabia's rapidly growing logistics sector. With the Saudi government committing over USD 147 billion in investment to transform the Kingdom into a global logistics powerhouse, the event provided valuable insights into the evolving market landscape and strategic opportunities for investors.
As the Middle East's largest maritime hub, Saudi Arabia plays a pivotal role in global trade, managing 13% of it through the Red Sea. With ten seaports handling 20 million containers annually, the Kingdom is well-positioned to become a dominant player in the global logistics landscape.
Key insights
Logistics is one of the fastest-growing sectors in KSA. The number of manufacturing facilities within the country has also been rising steadily, from 7,206 in 2015 to 10,518 in 2022. In 2023, 1,379 new manufacturing licenses were issued (generating investments of over SAR 82 billion) and the number is only expected to rise in the coming years in line with Vision 2030. All of this increased manufacturing has created a huge local demand for logistics service providers, both domestic and international. Warehouse facilities also grew by 267% since 2021.
Saudi Arabia is a different market, with a completely different regulatory structure. Companies entering the market need to be aware of what is required of them when they commence operations to comply with those regulations. The KSA Government is doing a great job in clarifying these requirements, but companies need to be more careful in picking whose advice they follow. Too many companies are focused on finding lawyers and corporate service providers who agree to facilitate their pre-determined business approach, rather than tailoring their approach to fit the requirements of the Kingdom. The key incentives available in economic zones and essential company setup process, emphasize how Employer of Record (EOR) services can help businesses enter the market quickly, ensure compliance, reduce costs, and focus on core operations. Chinese investment in KSA is flourishing thanks to the combined focus on Vision 2030 and the Belt and Road Initiative. Since 2021, Chinese investors have invested nearly 80 billion Riyals into the KSA economy. The Saudi Arabian ports along the Red Sea serve as a strategic transit point for goods being shipped from Africa. Individual shipments from various countries are consolidated at KSA ports before being shipped into Europe and Asia, in addition to the goods required for domestic consumption within KSA. “We are committed to supporting businesses in successfully navigating Saudi Arabia's logistics market,” said Amit Anand, Vice President – TASC Corporate Services “With our expertise in regulatory compliance, staffing solutions, market intelligence, and operational assistance, we provide end-to-end support for global companies looking to expand into the region and accelerate the process of setting up a business by 2 times.” The webinar reinforced Saudi Arabia's standing as a dynamic logistics and shipping hub with significant potential for Chinese enterprises and international investors. The logistics sector plays a crucial role in Saudi Arabia's Vision 2030, which aims to diversify the economy and reduce dependency on oil. TASC Outsourcing, in collaboration with its partners, remains dedicated to helping businesses capitalize on these opportunities and achieve long-term success in the Kingdom. About TASC: Now celebrating 17 years of experience in providing world-class talent that growing businesses need in the UAE and across the MENA region, TASC is one of the leading people, GRO – HRO – Mobility Solutions and Immigration solutions specialists. TASC's team of over 300 staff and more than 6500 associates serve 500+ existing clients, and the company has offices in Dubai, Riyadh, Abu Dhabi, Doha, and Bangalore.
Saudi Arabia is a different market, with a completely different regulatory structure. Companies entering the market need to be aware of what is required of them when they commence operations to comply with those regulations. The KSA Government is doing a great job in clarifying these requirements, but companies need to be more careful in picking whose advice they follow. Too many companies are focused on finding lawyers and corporate service providers who agree to facilitate their pre-determined business approach, rather than tailoring their approach to fit the requirements of the Kingdom. The key incentives available in economic zones and essential company setup process, emphasize how Employer of Record (EOR) services can help businesses enter the market quickly, ensure compliance, reduce costs, and focus on core operations. Chinese investment in KSA is flourishing thanks to the combined focus on Vision 2030 and the Belt and Road Initiative. Since 2021, Chinese investors have invested nearly 80 billion Riyals into the KSA economy. The Saudi Arabian ports along the Red Sea serve as a strategic transit point for goods being shipped from Africa. Individual shipments from various countries are consolidated at KSA ports before being shipped into Europe and Asia, in addition to the goods required for domestic consumption within KSA. “We are committed to supporting businesses in successfully navigating Saudi Arabia's logistics market,” said Amit Anand, Vice President – TASC Corporate Services “With our expertise in regulatory compliance, staffing solutions, market intelligence, and operational assistance, we provide end-to-end support for global companies looking to expand into the region and accelerate the process of setting up a business by 2 times.” The webinar reinforced Saudi Arabia's standing as a dynamic logistics and shipping hub with significant potential for Chinese enterprises and international investors. The logistics sector plays a crucial role in Saudi Arabia's Vision 2030, which aims to diversify the economy and reduce dependency on oil. TASC Outsourcing, in collaboration with its partners, remains dedicated to helping businesses capitalize on these opportunities and achieve long-term success in the Kingdom. About TASC: Now celebrating 17 years of experience in providing world-class talent that growing businesses need in the UAE and across the MENA region, TASC is one of the leading people, GRO – HRO – Mobility Solutions and Immigration solutions specialists. TASC's team of over 300 staff and more than 6500 associates serve 500+ existing clients, and the company has offices in Dubai, Riyadh, Abu Dhabi, Doha, and Bangalore.
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