Saudi Arabia launches supply chain initiative to attract investment

Riyadh, Oct 24 Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has launched the Global Supply Chain Resilience Initiative.

It aims to make Saudi Arabia a preferred location for leading global industrial companies and to attract 40 billion Saudi riyals ($10.64 billion) of quality, industrial and service investments in global supply chains, Xinhua news agency reported, citing the Saudi Press Agency's report.

Under the initiative, financial and non-financial incentives worth 10 billion Saudi riyals will support global investors who are interested in incorporating Saudi Arabia into their supply chains, according to the report.

The crown prince said that the initiative, along with other development initiatives launched in recent years, will help investors from all sectors benefit from the kingdom's resources and capabilities as well as support and develop these value chains.

The initiative is expected to bring Saudi Arabia closer to being a top 15 global economy by 2030 and leave a generous legacy for future generations, he added.