FedEx highlights economic contributions with major investments in Middle East

Policy

Sriram Krishnasamy Executive Vice President and Chief Transformation Officer, FedEx Corporation President and CEO, FedEx Dataworks | FedEx

By Sky Industry News

Nov 5, 2024

FedEx Corp. has released its annual economic impact report, highlighting the company's role in fostering economic growth globally and its significant investments in the Middle East during the fiscal year 2024. The report, produced with Dun & Bradstreet, emphasizes the 'FedEx Effect,' which refers to FedEx's influence on accelerating goods and ideas that spur economic development.

Raj Subramaniam, president and CEO of FedEx Corporation, stated, "At FedEx, we have a vision to make supply chains smarter for everyone by leveraging advanced data and technology to better serve our customers and their customers, thereby extending our reach and impact." He further noted that the 'FedEx Effect' is a testament to their commitment to excellence and community development.

In FY 2024, FedEx contributed over US$85 billion directly to the global economy, making up about 0.1% of the world's total net economic output. In regions such as the Middle East, Indian Subcontinent, and Africa (MEISA), FedEx's direct contribution was also 0.1% of the region's Transportation, Storage, and Communications sector's net output. Indirectly, FedEx added an estimated US$280 million to MEISA's overall economy.

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Kami Viswanathan, regional president of FedEx MEISA said: "At FedEx, we are committed to supporting the impressive growth and transformation happening across the Middle East." She emphasized that their infrastructure aims to empower local businesses by connecting them to global opportunities.

A notable investment is the new state-of-the-art hub at Dubai World Central Airport in Dubai South. This facility represents a long-term investment exceeding US$350 million into UAE's economy through infrastructure enhancements. The hub includes automated sort systems for efficient package processing and sustainable technologies like energy-efficient systems.

Additionally, FedEx expanded its regional network by signing a Memorandum of Understanding for a logistics facility in Qatar’s free zones and enhancing services between Vietnam and the Middle East with a new flight service.

To assist SMEs in improving shipping strategies, FedEx introduced solutions like Less-than-Container Load Priority multimodal service from Asia Pacific to key Middle Eastern markets. They also offer deferred road services within several countries including UAE and Saudi Arabia.

In sustainability efforts for FY 2024, FedEx added electric vehicles to its UAE fleet and launched Sustainability Insights for carbon footprint estimation of shipments. Social contributions included projects across MEISA cities where team members engaged in community support activities such as packing food hampers during Ramadan.

The detailed findings can be accessed in the FY 2024 FedEx Global Economic Impact Report available online.

Organizations Included in this History

FedEx

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