The US-based cargo airline company FedEx Express, a subsidiary of FedEx Corp, has announced that it will invest over $400 million into the Saudi economy in line with its plans to shift to a direct-serve presence in the Kingdom to meet the country’s growing international shipping demands.
FedEx Express aims to make the investment in Saudi Arabia over the next 10 years through talent management and local operations and infrastructure, the company said in its statement.
This investment will reaffirm the company’s commitment to the country’s non-oil economic growth, in line with Saudi Arabia’s Vision 2030 goals, and the ‘National Industrial Development and Logistics Program’ which seeks to increase non-oil exports to more than $266 billion.
Since 1994, FedEx Express has been facilitating trade in Saudi Arabia, offering international solutions and connectivity through local service providers, most recently through SAB Express. The company’s direct presence will help local businesses to trade with ease and expand their reach into the more than 220 countries and territories that it serves.
Jack Muhs Regional President FedEx Express – MEISA
“Our customers will be able to take advantage of FedEx digital tools and a wider service portfolio. This strategic expansion in the kingdom will help Saudi-based businesses connect to new markets and customers around the world, supporting Saudi Arabia’s Vision 2030 goals to diversify the national economy. In addition to our commitment to the Saudi economy, we see FedEx Express playing an important role in developing the small and medium enterprise environment in Saudi Arabia, which forms the backbone of the economy, and represents 99 percent of Saudi Arabia’s private sector.”
Sheikh Salah Al Bluewi, chairman of SAB Express, “We’re happy to continue supporting FedEx Express in Saudi Arabia with their growth journey, and join them in playing a critical role in developing Saudi Arabia’s logistics infrastructure, in line with the country’s coordinated efforts and strategy in diversifying the economy. The logistics sector is a key contributor towards employment, investment, and overall economic growth in our nation.”
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