Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled a new initiative designed to position Saudi Arabia as a global supply chain hub, called the “Global Supply Chain Resilience Initiative” (GSCRI).
The GSCRI aims to make Saudi Arabia a location of choice for leading global industrial companies looking to drive competitive advantage and improve business resilience.
In total, the new strategy earmarks 10 billion riyals ($2.7 billion) to provide incentives for global supply firms to invest in the Kingdom.
It also hopes to attract 40 billion riyals ($10.64 billion) of investments into the country. The move is intended to help the kingdom become one of the 15 largest economies globally by 2030.
“This will be instrumental, together with the already launched development initiatives, in enabling investors of all sectors to benefit from the Kingdom’s resources and capabilities to support and develop these chains. This will also contribute to build successful investments that will give greater flexibility to economies and consumers around the world, apart from ensuring the provision and sustainability of supply chains reaching all parts of the world effectively and with highly competitive advantages,” he said.
The GSCRI is one of the initiatives of Saudi Arabia’s National Investment Strategy, launched in October 2021 to accelerate efforts to make the Kingdom a global investment powerhouse. The initiative aims to enable global investors to make optimal use of the Kingdom’s natural resources and untapped potential and form strong relationships with regional and global markets.
