Though the Covid-19 pandemic had taken a toll on the logistics industry, the growing e-commerce, reverse logistics operations, technological integration etc spurred the growth of the global logistics & supply chain industry. Buoyed by the positive signs, it is estimated that the global logistics market is estimated to reach $12975 billion by 2027.
The zone spans over 2.3 million square meters and is strategically located on the Red Sea coast, not far from Jeddah Islamic Port. As the largest logistics zone in the country, Minister of Transport Nabeel al-Amudi is confident that this development will create 10,000 direct jobs and firmly cement Jeddah’s position as a truly global logistics hub linking the Middle East, Africa, and Europe
The fourth-quarter vacancy rate of 5.2% reported by Cushman & Wakefield was up from 3.1% in the same period a year earlier. More warehouse space is sitting empty across the U.S. than at any time since the pandemic. The average warehouse vacancy rate across the U.S. jumped to 5.2% in the fourth quarter of 2023 from 4.6% the previous quarter and 3.1% a year earlier, according to a new report
Attacks by Iran-backed militants in the Red Sea have effectively closed one of the world’s main trade routes to most container ships — vessels that carry everything from car parts to Crocs from one corner of the globe to another. A prolonged closure of the waterway, which connects with the Suez Canal, could snarl global supply chains and drive up the prices of manufactured goods at a crucial moment in the battle to defeat inflation. The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes
