News & events
Announcements, milestones, and event coverage from across our network.
Saudi Red Sea corridors are expanding
The Logistics Corridors Initiative redirects Gulf cargo to Jeddah Islamic Port
Red Sea crisis could clobber the global economy ?
Attacks by Iran-backed militants in the Red Sea have effectively closed one of the world’s main trade routes to most container ships — vessels that carry everything from car parts to Crocs from one corner of the globe to another. A prolonged closure of the waterway, which connects with the Suez Canal, could snarl global supply chains and drive up the prices of manufactured goods at a crucial moment in the battle to defeat inflation. The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes
Warehouse Availability Surges to Highest Level Since the Pandemic
The fourth-quarter vacancy rate of 5.2% reported by Cushman & Wakefield was up from 3.1% in the same period a year earlier. More warehouse space is sitting empty across the U.S. than at any time since the pandemic. The average warehouse vacancy rate across the U.S. jumped to 5.2% in the fourth quarter of 2023 from 4.6% the previous quarter and 3.1% a year earlier, according to a new report
Saudi Arabia opens new logistics zone in Jeddah
Jeddah's new 2.3 million sq. m logistics zone is set to create 10,000 jobs and strengthen its role as a global trade hub.