FedEx Express will invest more than SAR1.5 billion ($400 million) into the Saudi economy over the next 10 years, it has said in a statement.
A subsidiary of FedEx Corp and the world’s largest express transportation company, FedEx Express has said this investment will be through talent management as well as local operations and infrastructure.
The company has reportedly planned a transition to a direct-serve presence in Saudi Arabia to meet the country’s international shipping demands.
FedEx Express said this investment would further help local businesses trade with ease and expand their reach into the more than 220 countries and territories that FedEx serves.
Jack Muhs, regional president of FedEx Express Middle East, Indian Subcontinent, and Africa, was quoted by the statement as saying: “Our customers will be able to take advantage of FedEx digital tools and a wider service portfolio.”
He added: “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.”
He added that he also sees 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.”