SIECO, RCJY seek cooperation to develop logistics services in Yanbu

Saudi Industrial Export Co. (SIECO) signed on Feb. 19 a non-binding memorandum of understanding (MoU) with the Royal Commission for Jubail and Yanbu (RCJY) to discuss strategic cooperation and investment opportunities in logistics services in Yanbu Industrial City.

SIECO said in a statement to Tadawul that the MoU is effective from the signing date and will remain valid until it is terminated by one of the parties.

The MoU will have no financial impact, the statement added, also noting that there are no related parties.

The MoU is in-line with Saudi Vision 2030 and will effectively contribute to the development of the logistics sector in the Kingdom, SIECO further indicated.

RCJY launched the Multi-Modal Logistics hub (MMLH), covering a total area of 72 million square meters, which includes a railway network, a packing area, shipping centers, warehouses, a regional port for the mining services distribution, a container terminal, an import-export zone, and a private economic zone.