The Saudi services sector contributed about 42% to Saudi GDP, amounting to 1.1 trillion riyals. The total output of all economic activities and sectors has reached At constant prices in 2021. to 2.61 trillion riyals. Therefore, Mashreq puts in the hands of its customers a detailed study on the feasibility of an internal shipping company project in Saudi Arabia, according to the latest official statistics and data.
What is an inbound shipping company?
The inland freight company works to transport goods in a fast, safe and professional manner within the Kingdom of Saudi Arabia. Since most individuals and organizations need the services of an inland shipping company, Mashreq assures that the project will be highly profitable.
An in-house shipping company relies on experienced drivers. It will provide customers with excellent service at competitive prices as well as maximum security. All of these will be key factors in making the project able to carve out its share of the target market.
According to the Business Research Company’s latest report, the size of the global shipping market Estimated at $191.01 billion. By the end of 2023, it is expected to reach $199.09 billion.
The Russian-Ukrainian war has contributed to the imposition of economic sanctions on several countries. This has led to disruption in supply chains, inflation, rising commodity prices, and negative impacts on markets around the world.
The global shipping market is expected to reach $224.78 billion by 2027. This means the market could achieve a CAGR of 3.1%.
The service sector in Saudi Arabia comprises 5 main activities. Namely: Wholesale and retail trade restaurants and hotels. transportation and storage. information and communications. financial and insurance services. real estate and business services. social and personalized services. And finally, government services.
We can plot the contribution of each activity to the sector’s total output as follows:
The service sector in Saudi Arabia is expected to register significant growth rates in the coming years as part of Vision 2030, which aims to enhance the productivity of non-oil sectors. and increase its contribution to Saudi Arabia’s GDP. And let’s not forget that megaprojects Like this: Project Qiddiya and the Red Sea Project. NEOM, etc. You will be a key factor in growing and driving this vital sector.
