Saudi Arabia launches Supply Chain Project to Attract SR40b($10.64 billion) Investments.
The project includes granting investors SR10b ($2.6bn) in financial and non-financial incentives.
Saudi Arabia’s crown prince Mohammed bin Salman, has put in place an initiative to attract
global supply chain companies to raise investments worth 40 billion riyals ($10.64 billion)
within the first two years of launch.

The state news agency SPA reported that the initiative by Prince Mohammed bin Salman
would include allocating about SR10b in financial and non-financial incentives. It also
includes establishing several special economic zones, said a statement on SPA.

The kingdom already announced last year to invest more than 500bn riyals ($133.34 billion)
in the coming decade to expand the transport sector in an effort to become a global
transportation and logistics hub.

Prince Mohammed’s Vision 2030 plan aims to push Saudi Arabia for economic diversification
and remove the tag of the Saudi economy’s dependency on oil revenues. The initiative
expects to attract global investors with the kingdom’s resilience and leverage the potential
of the young and talented workforce, availability of raw materials, growing infrastructure,
and location.

Prince Mohammed expects to push Saudi to position it among the top 15 global economies
by 2030.

Source: Gulf News

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