"Moody's" agency raises its expectations for Saudi economic growth to 4.6% in 2024

The Moody's credit rating agency raised its expectations for the growth of the Saudi economy in 2024 to 4.6%, with growth recording 4% in 2025.

According to the agency's estimates contained in a report on growth prospects in emerging markets, growth in the Kingdom will amount to only 0.1% in 2023, a reduction in its expectations compared to previous expectations issued since August.

In October, the International Monetary Fund lowered its expectations for the growth of the Saudi economy to 0.8% in 2023 compared to an estimate for growth of 1.9% in the estimate issued by the fund in July.

And the fund raised its forecast for the growth of the Saudi economy in 2024 to a growth rate of 4% compared to 1.2% in the previous estimate.

A new logistics area in Jeddah Islamic Port

On a related level, the General Ports Authority and the "CMA CGM" company announced the laying of the foundation stone for a new logistics area in the Jeddah Islamic Port in Saudi Arabia, with a total area exceeding 130,000 square meters, and with an investment value of approximately 487 million riyals over the project's time period. Completion of the construction and infrastructure works in the area during the first quarter of 2025.

The head of the General Authority of Ports "Ports" Omar bin Talal Hariri said: "The new logistics zone supports the development of a sustainable and prosperous maritime transport system, fulfills the Kingdom's economic and social ambitions in accordance with the Kingdom's ambitious 2030 vision, and reflects the continuous effort of "Moani" to achieve the goals of the national transport strategy and the logistics services; to create specialized logistics areas inside and outside the ports, working to consolidate the Kingdom's position as a global logistics center, and a hub connecting three continents, and to raise the Kingdom's ranking in international indicators," according to the Saudi News Agency "WAS".

Integrated environmental services and systems

The new logistics area offers unique solutions and services and integrated environmental systems that include an export center, storage and sorting services, smart warehouses, and refrigerated storage services, along with multimodal transportation services; To meet the needs of the beneficiaries, contributing to the provision of a unified logistics system that benefits from the huge company network "CMA CGM" with internal CCIS solutions, and CEVA logistics services, to provide customers with integrated and smooth logistics solutions from start to finish.

The Regional Director of the "CMA CGM" Group for the Middle East, the Gulf and the Indian Ocean Islands Jesper Steenback explained that the new area represents the company's first integrated logistics platform in the region, and that it aims to facilitate the growth of the shipping network and global logistics services, and to raise the quality and efficiency of the services provided to local and international customers across the kingdom.

And the new logistics area contributes to strengthening the competitive advantage of the Jeddah Islamic Port and the "CMA CGM" group, by providing highly efficient logistics services, increases the contribution of the private sector in supporting the wheel of economic development, and increasing economic diversity, reflecting the success of the development operations, led by "Ports ", and through it aims to improve the operational processes in the port, increase its capacity, and make it among the top 10 ports worldwide.