Saudi Arabia News

saudi arabia: Saudi Arabia launches bid to draw $10 bln in provide chain funding

Saudi Arabia’s crown prince on Sunday launched an initiative to draw investments in provide chains to and from the dominion, with an goal of elevating an preliminary 40 billion riyals ($10.64 billion).

The initiative by Prince Mohammed bin Salman will embody allocating about 10 billion riyals in incentives for provide chain buyers, state information company SPA reported, with out elaborating.

The Gulf state final yr introduced it will make investments over 500 billion riyals in infrastructure, together with airports and sea ports, by the tip of the last decade in a bid to change into a transport and logistics hub beneath an financial diversification plan.

The most recent provide chain initiative contains establishing various particular financial zones, mentioned an announcement on SPA that additionally referred to ongoing “legislative and procedural” reforms.

“The International Provide Chain Resilience Initiative will leverage the Kingdom’s assets, infrastructure and placement to deliver larger resilience to economies and firms throughout Europe, the Americas and Asia, whereas additional enhancing Saudi Arabia’s place within the international economic system,” the assertion added.

“Saudi Arabia additionally affords entry to grease, gasoline, electrical energy, renewable vitality and human assets at aggressive prices,” it mentioned, noting blue and inexperienced hydrogen manufacturing tasks by the dominion, the world’s high oil exporter.

Prince Mohammed’s Imaginative and prescient 2030 plan goals to modernise Saudi Arabia and wean its economic system off oil revenues.

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