Saudi Arabia has launched an initiative to entice $10 billion in supply chain investment. The goal of the programme, which was unveiled on Sunday by the crown prince is to close its first phase with a total of 40 billion riyals ($10.64 billion).
The Prince Mohammed bin Salman-led drive will involve the allocation of around 10 billion riyals in incentives for supply chain investors, state news agency SPA reported, without stating further details.
In an effort to establish itself as a transportation and logistics hub as part of an economic diversification strategy, the Gulf state declared last year that it will invest more than 500 billion riyals by the end of the decade in infrastructure, including airports and sea ports.
According to a recently released statement, the most recent supply chain strategy calls for the creation of many special economic zones and also mentions continuing “legislative and procedural” improvements.
“The Global Supply Chain Resilience Initiative will leverage the Kingdom’s resources, infrastructure and location to bring greater resilience to economies and companies across Europe, the Americas and Asia, while further enhancing Saudi Arabia’s position in the global economy,” the statement added.
It noted the blue and green hydrogen production initiatives by the nation, which is the top oil exporter in the world, and said that Saudi Arabia “also offers access to oil, gas, electricity, renewable energy and human resources at competitive costs,”
The Vision 2030 initiative of Prince Mohammed seeks to modernise Saudi Arabia and decouple its economy from oil income.
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