Saudi Arabia has launched an initiative to attract an initial 40 billion riyals ($10.64 billion) investment in supply chains to and from the kingdom, with plans to incentivize further investment should the initiative prove successful.
The initiative launched by Saudi Crown Prince Mohammed bin Salman will include around 10 billion riyals in incentives for supply chain investors, as reported by state news agency SPA.
Saudi Arabi announced last year that it would invest over 500 billion riyals in infrastructure by the end of the decade, with plans for major expansions to airports and sea ports as the gulf nation bids to become a transport and logistics hub in the region and reduce the economy’s dependence on oil revenues.
A statement released by SPA was short on specifics, but said the initiative would involve “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 said.
“Saudi Arabia also offers access to oil, gas, electricity, renewable energy and human resources at competitive costs,” it added.
The initiative is the latest step in Prince Mohammed’s Vision 2030 plan, aimed at modernizing Saudi Arabia and diversifying its economy.