Saudi Arabia aims to localize at least 65% of its supply chains, said the Governor of the Public Investment Fund (PIF) and Chairman of Saudi Aramco Yasir Al Rumayyan. Al Rumayyan made the statement during the Future Investment Initiative conference Tuesday, adding that this is a part of the Saudi Vision 2030.
This week, Saudi Crown Prince Mohammed bin Salman launched an initiative designed to position Saudi Arabia as a global supply chain hub, according to Saudi Press Agency (SPA). The “Global Supply Chain Resilience Initiative” will have attractive opportunities and a unique incentives budget, including $2.66 billion (SAR10 billion) in financial and non-financial inducements.
The initiative aims in its launch phase to attract $10.64 billion (SAR40 billion) worth of industrial and service investments in global supply chains to Saudi Arabia. The initiative falls under Saudi Arabia’s National Investment Strategy, which was launched in October 2021.
The national investment strategy aims to make the kingdom a prime investment environment for supply chain investors. It will do so by pinpointing and developing investment opportunities and presenting them to potential investors. It also aims to establish economic zones that will attract international firms to base their regional headquarters in Saudi Arabia.
The initiative is aimed at helping the kingdom reach a target of becoming one of the 15 largest economies globally by 2030.
