Riyadh: The Kingdom of Saudi Arabia’s Crown Prince Mohammed bin Salman on Sunday launched an national initiative for global supply chains to and from the kingdom.
The global supply chain initiative aiming to attract 40 billion Saudi riyals ($10.64 billion) invesments during the first two yearsof the launch of the initiative.
Under the Global Supply Chain Resilience Initiative (GSCRI), launched by the kingdom’s Crown Prince Mohammed bin Salman, Saudi Arabia aims to strengthen the Kingdom’s position as a major center and a vital link in global supply chains.
The Kingdom allocated for the initiative an incentives budget estimated at 10 billion Saudi riyals in the form of financial and non-financial incentives for supply chain investors.
According to the Saudi Press Agency, the Crown Prince said that this initiative will be a great opportunity to achieve joint successes, pointing out that it will contribute, along with other development initiatives that have been launched, to enabling investors, of all sectors, to benefit from the Kingdom’s resources and capabilities to support and develop these chains and build successful investments.
On the other hand, he pointed out, “it will contribute to enabling the Kingdom to achieve the ambitions and aspirations of its vision, which includes developing and diversifying the resources of the national economy, and enhancing its economic position to become among the 15 largest economies in the world by 2030.”
In 2021, Saudi Arabia announced that it would invest more than 500 billion riyals in infrastructure, which includes airports and seaports, by the end of this decade in an attempt to become a center in the field of transport and logistics under a plan for economic diversification.
The launch of the national initiative for global supply chains comes within the framework of the Kingdom’s constant endeavor to contribute to enhancing the stability and growth of the global economy.
The National Initiative for Global Supply Chains aims to make the Kingdom the appropriate and optimal investment environment for all investors in supply chains, through several steps.
These steps include identifying and developing investment opportunities and presenting them to investors, and establishing a number of special economic zones, through which an attractive environment can be created for investors, in addition to attracting the regional headquarters of international companies to the Kingdom.
