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Saudi Arabia launches bid to attract $10 billion in supply chain investment

Economic Indicators Oct 23, 2022 08:30AM ET
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© Reuters. FILE PHOTO: Saudi Crown Prince Mohammed bin Salman, attends the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed

RIYADH (Reuters) -Saudi Arabia's crown prince on Sunday launched an initiative to attract investments in supply chains to and from the kingdom, with an aim of raising an initial 40 billion riyals ($10.64 billion).

The initiative by Prince Mohammed bin Salman will include allocating about 10 billion riyals in incentives for supply chain investors, state news agency SPA reported, without elaborating.

The Gulf state last year announced it would invest over 500 billion riyals in infrastructure, including airports and sea ports, by the end of the decade in a bid to become a transport and logistics hub under an economic diversification plan.

The latest supply chain initiative includes establishing a number of special economic zones, said a statement on SPA that also referred to ongoing "legislative and procedural" reforms.

"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 blue and green hydrogen production projects by the kingdom, the world's top oil exporter.

Prince Mohammed's Vision 2030 plan aims to modernise Saudi Arabia and wean its economy off oil revenues.

($1 = 3.7580 riyals)

Saudi Arabia launches bid to attract $10 billion in supply chain investment
 

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Comments (2)
Warm Camp
Warm Camp Oct 23, 2022 9:08AM ET
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Saudis should normalize relations with Israel and prosper together, without dependence on US or EU.
Ernie Keebler
Ernie Keebler Oct 23, 2022 8:23AM ET
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They sold off an infintismally small share of their cash cow for billions to keep up their lavish lifestyle, now they want the,world to kick in more in their half baked plans of weaning off the oil revenues which they will never do.  Investors will never get back their investments, only more under the table shenanigans
معتز عبد الرحمن
معتز عبد الرحمن Oct 23, 2022 8:23AM ET
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