RIYADH: Digital infrastructure and competitive energy rates are among the tools giving Saudi Arabia the advantage when it comes to supply chain resilience, according to the Kingdom’s minister of investment.
Speaking at the Future Investment Initiative in Riyadh on Oct. 26, Khalid Al Falih said the strength in this area is a key attraction for securing foreign direct investment into the Saudi economy.
“Putting all that together, makes the Kingdom unbeatable in the global supply chain resilience,” the minister explained.
With regards to the recently launched Global Supply Chain Initiative, the minister said it comes in line with the local content program.
“This is complementary to our local content program to support our local demand,” he said.
Earlier this month, Saudi Arabia’s Crown Prince Mohammed bin Salman unveiled a new initiative designed to position the Kingdom as a global supply chain hub, the Saudi Press Agency reported.
The Global Supply Chain Resilience Initiative is a strategy of continuous enhancement of the investment environment, complete with a unique incentives budget including SR10 billion ($2.66 billion) in financial and non-financial inducements.
In its launch phase it aims to attract SR40 billion in industrial and service investments in global supply chains to the Kingdom.
The GSCRI falls under Saudi Arabia’s National Investment Strategy, which was launched in October 2021. Its primary goal is to make the Kingdom a prime investment environment for supply chain investors.
Al Falih noted that Saudi Arabia will have a special economic zones strategy to be launched soon.
