Saudi plan looks to bring in $10 billion for supply chain investment

RIYADH, Saudi Arabia: Prince Mohammed bin Salman, crown prince of Saudi Arabia, has announced a program to attract investments in Saudi Arabia’s supply chains worth $10.64 billion.

As part of its efforts to become a transport and logistics hub under an economic diversification plan, entitled, “Prince Mohammed’s Vision 2030,” Saudi Arabia announced last year that it would invest over 500 billion riyals by the end of the decade in infrastructure, including airports and sea ports.

The Saudi news agency also reported that the latest supply chain initiative includes establishing several special economic zones.

“The Global Supply Chain Resilience Initiative will leverage the Kingdom’s resources, infrastructure and location to bring greater resilience to economies and companies across Europe, the Americas and Asia, while further enhancing Saudi Arabia’s position in the global economy,” the statement added.

“Saudi Arabia also offers access to oil, gas, electricity, renewable energy and human resources at competitive costs,” it said, noting the blue and green hydrogen production projects launched by the country, which is the world’s leading oil exporter.

Prince Mohammed’s Vision 2030 aims to modernize Saudi Arabia and diversify its economy, officials added.

Disclaimer: This report is automatically generated from worldwide news services. NTN is not responsible for its content and does not moderate it.

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