Riyadh, Saudi Arabia
Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled an initiative to attract an investment value of 40 billion riyals ($10. 6 billion) to origin chains.
Bin Salman said the Global Supply Chain Resilience Initiative (GSCRI) would expand key sectors and aim to attract 40 billion riyals ($10. 6 billion) in investments in its first two years, official news firm SPA reported.
The initiative includes the allocation of 10 billion riyals ($2. 66 billion) in monetary and non-monetary incentives for investors, the crown prince said.
According to SPA, GSCRI aims to make Saudi Arabia an optimal environment for all investors in supply chains, in several stages. These include identifying and emerging investment opportunities, special economic zones, and attracting regional headquarters of foreign corporations to the kingdom.
This new initiative is part of Saudi Arabia’s efforts to adapt to one of the world’s 15 largest economies by 2030.
The Saudi crusade comes amid a global chain crisis in the wake of the coronavirus pandemic and Russia’s invasion of Ukraine.
*Ikram Imane Kouachi contributed to this report.