Spurred on by strong demand for services, the government is planning to bolster and upgrade infrastructure capacity across all segments of the transport industry. Indeed, with a rising population and increasing trade volumes, the sector is poised for growth. The transport, storage and communications sector accounted for 7.7% of GDP in 2011 and is growing at a rate of 10.63% per year. Planned road...
Saudi Arabia Transport
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With oil prices at sustained high levels and the government pushing ahead with a large-scale investment programme to upgrade infrastructure, address social issues and further diversification, Saudi Arabia’s economy is thriving.
Should the Gulf of Hormuz be closed to shipping, Saudi Arabia has proposed that the Kingdom’s Red Sea ports could be utilised for freight trans-shipment. The recent rise in tension in the Gulf region is a result of Iran making a series of thinly veiled threats to close the strategic Strait of Hormuz in retaliation to a US-led tightening of sanctions against Tehran, including halting the country’s oil exports.
Economic update | Saudi Arabia: On the move
17 Jun 2011
Saudi Arabia is embarking on a massive programme to boost its logistics and cargo-moving capacity as part of a much larger scheme to broaden the base of the economy and pave the way for future expansion.