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Reading: Saudi Arabia launches bid to attract $10 billion in supply chain investment
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Saudi Arabia launches bid to attract $10 billion in supply chain investment

The goal of the programme, which Saudi Arabia 's crown prince introduced on Sunday, is to raise an initial 40 billion riyals ($10.64 billion...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief October 23, 2022
Updated October 23, 2022 at 9:49 PM
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Saudi Arabia launches bid to attract $10 billion in supply chain investment
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Saudi Arabia launches bid to attract $10 billion in supply chain investment
The goal of the programme, which Saudi Arabia's crown prince introduced on Sunday, is to raise an initial 40 billion riyals ($10.64 billion).

According to state news agency SPA, Prince Mohammed bin Salman's proposal will provide around 10 billion riyals in incentives for supply chain investors.

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.

The latest supply chain initiative includes establishing a number of special economic zones, said a statement on SPA that also referred to ongoing “legislative and procedural” reforms.

“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.

“Saudi Arabia also offers access to oil, gas, electricity, renewable energy and human resources at competitive costs,” it said, noting blue and green hydrogen production projects by the kingdom, the world’s top oil exporter.

Prince Mohammed’s Vision 2030 plan aims to modernise Saudi Arabia and wean its economy off oil revenues.
Tags: World

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