“IHerb Chooses Riyadh as Regional Center for Health and Care Products – Saudi Vision 2030”

2023-05-10 11:01:38

The American company (iHerb), which specializes in trading health and care products, has chosen Riyadh as a center for its operations in the Middle East and Africa, as part of the Kingdom’s plan to promote foreign direct investment.

iHerb has signed a partnership agreement with the Korean “CJ Logistics”, which specializes in logistics solutions, for a period of 8 years, under which “CJ Logistics” will provide consumers with with iHerb products Through its global distribution center located on an area of ​​​​18,000 square meters in the Special Integrated Logistics Zone in Riyadh, with a production capacity of 15,000 shipments per day, and serving consumers in the Middle East, Europe and Africa.

For his part, Minister of Commerce Dr. Majid Al-Qasabi stated that this step comes as part of the contributions and successes of the Kingdom’s Vision 2030, praising the signing of the cooperation agreement between the two parties, pointing out that the Kingdom’s Vision 2030 is an ambitious plan that works to enhance direct foreign investments under the auspices of Crown Prince Mohammed bin Salman. .

He pointed out that the “Corona” pandemic accelerated the pace of electronic commerce in the Kingdom, as its volume last year reached regarding 184 billion riyals, and it is expected to reach approximately 260 billion by the end of 2025.

He added that the unprecedented digital transformation in the Kingdom has affected e-commerce. Today, there are more than 147 financial technology companies, more than 152 logistics services companies, and 39 e-commerce applications operating in the Kingdom.

The Minister of Commerce’s speech came within the framework of establishing the Saudi program to attract regional headquarters in Riyadh, as the program is expected to add regarding 67 billion riyals to the local economy and provide regarding 30,000 new job opportunities by 2030.

For its part, the Korean company “CJ Logistics”, a world leader in logistics solutions, has received a license for its regional headquarters in Riyadh, as part of the plan to attract regional headquarters for international companies.

CJ Logistics CEO Pyeong Kang told:News 24“Their receipt of the regional license in the Kingdom is a great opportunity for the Kingdom, South Korea and the countries of the region, stressing their confidence that the Kingdom will become more capable of implementing partnership in logistic business files.

He added that their work from Riyadh is a great opportunity for them to implement their logistical services, noting that they were able to sign a number of agreements with Saudi companies.

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