Crown Prince of Saudi Arabia, Mohammed bin Salman bin Abdulaziz, has announced the launch of the nation’s Global Supply Chain Resilience Initiative (GSCRI). The initiative aims to attract SAR40 billion (£9.4bn) of investment in making Saudi Arabia a key link in global supply chains.
A budget of SAR10 billion (£2.3bn) has been earmarked to support relevant initiatives and provide support for investors who incorporate Saudi Arabia into their supply chains.
The GSCRI is part of the country’s aspiration to be a top 15 global economy by 2030. The Saudi Ministry of Investment believes that the policy can strengthen its economy while mitigating the impact of global disruptions, such as pandemics and international conflict, on supply chains around the world.
A plan with several steps for making Saudi Arabia more integral to global supply chains is part of the GSCRI. Steps include ‘identifying and developing investment opportunities and presenting them to investors’, ‘establishing a number of special economic zones in the near future’, and ‘attracting the regional headquarters of international companies to the Kingdom’.