In 2023, the overall market value is expected to be $12.08 billion.
The Saudi Maritime Congress (SMC) 2023 is anticipated to present a compelling outlook for the country’s oilfield and maritime service industries. A total market value of $12.08 billion is predicted for 2023, which will pave the way for a stunning increase, with estimates rising to a staggering $19.68 billion by 2030. The remarkable compound annual growth rate (CAGR) of 7.22% drives this amazing growth.
The congress, which will be held in Dammam from September 20 to 21, 2023, provides a venue for this forward-looking narrative and emphasizes the crucial role that significant investments in cutting-edge technologies and transformative digital initiatives play in pointing both industries toward this lofty goal.
Opening Remarks
The keynote address on Day One, moderated by Eithne Treanor, MD of E.Treanor Media, features Dr. Abdullah Alahmari, President & CEO of IMI, and serves as the event’s official opening.
Fostering the Expansion of the Kingdom
The event’s organizer, Seatrade Marine, whose Chris Morley is the group event director, highlights the critical role better Saudi marine logistics would play in raising port profits. The goal is for the kingdom’s yearly container traffic to treble to an astounding 40 million TEU by 2030 as it develops its inland logistics centers and improves rail links.
This audacious objective nicely aligns with Saudi Arabia’s 2030 vision, accomplished through massive projects like the $500 billion Neom plan and the ground-breaking Oxagon port, which will be the largest floating structure in the world.
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Shipbuilding
Furthermore, to further diversify the economy and promote new industrial sectors, Saudi Arabia’s Public Investment Fund (PIF) is preparing to create a new organization to manage shipbuilding, maintenance, and repair services.
The second keynote session focuses on Saudi Arabia and its strategic articulation with the world maritime market. Joanna Crisan, the session’s programmer, highlights Saudi Arabia’s dedication to boosting marine trade, creating new economic hubs, and modernizing ship operations with digital technology.
Saudi Arabia, which ranks 20th worldwide in the maritime transport sector, showed the highest regional improvement in 2021, according to the Maritime Connectivity Index. With 53,000 registered ships in more than 150 nations and a combined yearly cargo capacity of 11 billion tonnes, its maritime sector has doubled over the past ten years.
Networking and Sharing of Information
Industry professionals will discuss trade, legislation, and chances for cooperation with Saudi Arabia to create crucial linkages within the global marine community. Eng Hessa Ahmed Hamdan Almalek, Advisor to the Minister for Maritime Transport Affairs at the UAE Ministry of Energy and Infrastructure. Erik Jensby, Head of Business Development and Membership at BIMCO. Paul Holthus founded the World Ocean Council and is currently president and CEO. Stuart Neil, ICS’s director of strategy and communications, and Khurram Ali, a partner at Ince & Co., are among the notable panelists.
In Dammam, Saudi Arabia’s Dhahran Expo, SMC 2023 will have its two-day exhibition and conference. Key maritime executives, top marine equipment and service providers, and significant figures influencing the KSA maritime landscape will come together again in response to the event’s spectacular success in 2022, which attracted 3,757 guests from outside.
Prominent corporations will be represented in the event’s display, including MAWANI, IMI, Transport Global Authority, Saudi Global Ports Company, Grandweld, Naghi Marine Company, DP World Middle East, ASRY, and others.
It’s exciting to see the ambitious plans that Saudi Arabia has for their maritime industry. The new mega project vision that has been unveiled will undoubtedly lead to significant growth and opportunities for the region. These projects will surely give rise to employment opportunities, and we at Dynamic Staffing Services are a highly experienced and professional recruitment agency. Our commitment to providing personalized services and attention to detail is unmatched. If you are looking for a better career opportunity in Saudi Arabia, contact us at +91-11-40410000 or enquiry@dss-hr.com to learn more about our services.
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