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Pantos Logistics Establishes a Local Corporation in Saudi Arabia, thereby Furthering Its Logistics Operation Belt in the Middle East
-The 4th in the Middle East after those in Dubai. Turkey and Oman
-In connection with the plan to diversify its business
Pantos Logistics (President & CEO: Sung-koo Yeo), the largest logistics business in Korea, has taken steps to expand its operation in the Middle East. The Company launched its logistics operation in that part of the world after completing the establishment of a local corporation, Pantos Logistics KSA (Kingdom of Saudi Arabia), in Jeddah Saudi Arabia on January 30.
As such, the Company extended its logistics operation belt in the Middle East in conjunction with the existing local corporations in Dubai. Turkey and Oman with the aim of carrying out a whole range of logistical operations, including export/import, air/ocean freight, customs clearance, warehousing, and the transportation of bulk/industrial plant cargoes, as well as an international courier service.
The Company's offices in Jeddah, Riyadh and Dammam in Saudi Arabia provide a professional service relating to import, export and domestic consumption in that country. Saudi Arabia, which is the largest logistics market in the Middle East, has seen a dramatic increase in the demand for air-conditioners, fridges, washing machines, TV sets and cell phones amid burgeoning economic development, which has led to an increase in the relevant logistical needs. It is also expected that Saudi Arabia will act as a supply base for industrial products in the entire Middle East, with the factory in Riyadh, which has a production capacity of 250,000 units a year and was built by LG Electronics in June 2008, at the center of operations.
Pantos Logistics has pushed ahead with the MELB (Middle East Logistics Belt) Project since 2005, with the aim of connecting Turkey (a gateway to Europe and Asia) with Saudi Arabia (where the demand for durable goods is increasing rapidly), Dubai (which acts as a logistical hub for the entire Middle East), and Oman (where energy/industrial plant construction works are being briskly carried out). The Company has established three local corporations and a branch in that part of the world (Dubai in 2005; Turkish branch in 2007; Oman in 2008; plus the one in Saudi Arabia) to generate synergistic effects. Pantos is the only Korean logistics business to operate local corporations in the Middle East.
Company President & CEO Sung-koo Yeo said, "Since the establishment of the local corporation in Dubai in 2005, our operation in the Middle East has grown by more than 100% every year and is expected to account for more than 10% of our entire operation within two or three years. We plan to establish 100 or more points of operation in 40 countries, including South Africa and Morocco, by 2010 to expand our territory to Africa and Central Asia."