The Clap Saudi Crown Prince Mohammed bin Salman launched the National Initiative for Global Supply Chains with the aim of strengthening KSA’s position as a major hub and vital link in global supply chains.
The Deets The initiative hopes to collect investments worth SAR 40 billion during the first two years of its launch.
KSA also allocated a budget of about SAR 10 billion to the initiative that will be used to provide financial and non-financial incentives to investors.
Initiative The initiative aims to make KSA an attractive investment environment for investors in any stage of the supply chain by identifying and developing investment opportunities and presenting them to investors.
In addition to that, the country is looking to establish a number of special economic zones to provide an attractive environment for investors and is working to attract the regional HQs of international companies to the country.
More Initiatives The state has initiated several plans and programs to achieve sustainability, protect the environment, and confront climate change, including the “Saudi Green” and “Middle East Green” initiatives.
The company also initiated the “Optimum Energy Mix” program, which aims to increase the proportion of renewable energy in production to 50% by 2030.
The program also looks to develop blue and green hydrogen production to make KSA the largest producer and exporter of this product.
Why this Matters The country is seeking to strengthen its economic position to become one of the fifteen largest economies in the world by 2030, according to the Saudi Press Agency (SPA).
The national strategy for the industry was launched last week, with the aim of achieving an industrial economy that attracts investment to Saudi Arabia, enhancing economic diversification, and developing domestic production and non-oil exports.