The goal of the program, which was unveiled on Sunday by the crown prince of Saudi Arabia, is to raise a total of 40 billion riyals ($10.64 billion) in the first phase.
According to the state news agency SPA, Prince Mohammed bin Salman’s program will include investing roughly 10 billion riyals in incentives for supply chain investors.
In an effort to establish itself as a transportation and logistics hub as part of an economic diversification strategy, the Gulf state declared last year that it will invest more than 500 billion riyals by the end of the decade in infrastructure, including airports and sea ports.
According to a statement on SPA, the most recent supply chain strategy calls for the creation of many special economic zones and also mentions continuing “legislative and procedural” improvements.
The statement continued, “The Global Supply Chain Resilience Initiative will leverage the Kingdom’s resources, infrastructure, and location to increase the resilience of economies and businesses throughout Europe, the Americas, and Asia, while further strengthening Saudi Arabia’s position in the global economy.
In addition, Saudi Arabia, the top oil exporter in the world, “offers access to oil, gas, electricity, renewable energy, and human resources at competitive pricing,” the report noted.
The Vision 2030 initiative of Prince Mohammed intends to modernize Saudi Arabia and decouple its economy from oil income.
