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

HRH Saudi Crown Prince Mohammed bin Salman, Prime Minister, and Chairman of the Saudi Council for Economic and Development Affairs announced on (Sunday) the launch of the National Initiative for Global Supply Chains.

The initiative aims to strengthen Saudi Arabia’s position as a major center and a vital link in global supply chains.

Saudi Crown Prince asserted that this initiative will enable investors of all sectors to benefit from Saudi Arabia’s resources and capabilities to support, develop these chains, and build successful investments.

The initiative will also give greater flexibility to economies and consumers around the world.

The initiative ensures the provision and sustainability of supply chain access to all parts of the world effectively with highly competitive advantages.

On the other hand, it will also contribute to enabling Saudi Arabia 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.

The Crown Prince also clarified that the launch of the National Initiative for Global Supply Chains, as one of the initiatives of the National Investment Strategy, which was launched in October of 2021, comes within the framework of Saudi Arabia’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 Saudi Arabia the appropriate and optimal investment environment for all investors in supply chains.

This can be achieved through several steps such as: developing investment opportunities, presenting them to investors, and establishing some special economic zones, through which an attractive environment can be created for investors.

Saudi Arabia is also working to complete regulatory and procedural reforms in various aspects, which in turn will contribute to continuing to improve the investment environment and increase its attractiveness and competitiveness, to invest the mainstay of economic growth and diversification of the productive base in Saudi Arabia in light of the objectives of the Saudi Vision 2030.

A unified strategy will be developed to attract global supply chains to Saudi Arabia, aiming to attract qualitatively, industrial and serv, ice investments worth 40 billion Saudi riyals during the first two years of the initiative’s launch for investors.

The initiative by Prince Mohammed bin Salman will include allocating about 10 billion riyals in incentives for supply chain investors, the state news agency SPA reported.

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