Saudi Arabia launches supply chain initiative to beckon $10.6bn of investments

Saudi Prime Minister and Crown Prince Mohammed bin Salman bin Abdulaziz has announced the launch of a supply chain initiative to attract global industrial companies to the kingdom.

The Global Supply Chain Resilience Initiative (GSCRI) will support growth of key sectors and aim to attract SAR40bn ($10.6bn) in investments in its first two years. It will leverage the kingdom’s resources, infrastructure and location to bring resilience to economies and companies across Europe, the Americas and Asia, while enhancing Saudi Arabia’s position in the global economy, Saudi Press Agency said.

The strategy will be complemented with opportunities and an incentives budget, including SAR10bn ($2.66bn) in financial and non-financial incentives. It will also contribute to overcoming challenges faced by global supply chains.

HRH #CrownPrince Launches “Global Supply Chain Resilience Initiative” to Position #SaudiArabia as a Key Link in Global Supply Chains.https://t.co/Yb9P66MW6x#SPAGOV pic.twitter.com/wIPXmu1dgR

— SPAENG (@Spa_Eng) October 23, 2022

The GSCRI, one of the initiatives of Saudi Arabia’s National Investment Strategy, launched in October 2021, aims to make the kingdom an optimal environment for all investors in supply chains, through several steps. These include identifying and developing investment opportunities, establishing special economic zones in the near future and attracting regional HQs of international companies to the kingdom, the statement said.

Read: Saudi Crown Prince launches National Investment Strategy

This aims to attract SAR 40bn of quality, industrial and service investments in global supply chains to the Kingdom within the launching phase.#SPAGOV

— SPAENG (@Spa_Eng) October 23, 2022

The kingdom is also working to implement regulatory and procedural reforms in various aspects. The country’s digital infrastructure has also witnessed progress, with high-speed internet coverage and 5G now available to nearly 80 per cent of the population.

Saudi Arabia has launched many programmes that have already begun with the aim of achieving sustainability, protecting the environment and confronting climate change. Last year, it launched two new green initiatives as part of efforts to combat climate change.

Read: Saudi Crown Prince announces two massive green initiatives to combat climate change