The 40 billion riyal ($10.6 billion) supply chain investment initiative was started by Saudi Crown Prince Mohammed bin Salman.
According to Bin Salman, the Global Supply Chain Resilience Initiative (GSCRI) will support the expansion of important industries and seek to bring in 40 billion riyals ($10.6 billion) in investments in its first two years.
According to the crown prince, the initiative includes giving investors incentives worth 10 billion riyals ($2.66 billion) in both monetary and non-monetary terms.
Through a number of steps, the GSCRI seeks to transform Saudi Arabia into the ideal environment for all supply chain investors, claims SPA. Creating special economic zones, finding and developing investment opportunities, and luring regional headquarters of multinational corporations to the Kingdom
The new programme is a component of Saudi Arabia’s efforts to meet its goal of having one of the top 15 economies in the world by 2030.
The Russian invasion of Ukraine and the coronavirus pandemic have caused a crisis in the world’s supply chains, which has led to the Saudi initiative.