The Saudi supply chain 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. Saudi Arabia’s Crown Prince and Prime Minister, HRH Prince Mohammed bin Salman launched on Sunday the Global Supply Chain Resilience Initiative to attract $10.64 billion (SAR 40 billion) investments to the kingdom’s supply chain sector, in line with the Saudi Vision 2030 program objectives to position the country as a leading logistics and supply chain hub.

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Why does it matter?

According to the state news agency SPA, the kingdom will allocate $2.66 billion (SAR 10 billion) to incentivize investors and drive growth within its supply chain sector.

Moreover, the Saudi supply chain initiative will focus on establishing new special economic zones, as well as continue the ongoing “legislative and procedural” reforms to attract further investments.

“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 read, highlighting that the kingdom also offers access to oil, gas, electricity, renewable energy and human resources at “competitive costs.”

A growing market

The Saudi supply chain and logistics market has seen exponential growth over recent years, propelled by hefty investments in developing the country’s infrastructure and regulatory reforms to attract more investors to the growing sector, as part of a comprehensive economic diversification plan to steer away from oil reliance. In late September, Saudi Ports Authority (Mawani) reported an upswing in domestic ports’ performance during the first eight months of 2022, with a 13.59% increase in handled cargo to 212 million tonnes compared to 187 million tonnes in 2021.