Home Business Saudi Arabia .. Crown Prince launches national initiative for global supply chains

Saudi Arabia .. Crown Prince launches national initiative for global supply chains

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council for Economic Affairs and Development, today announced the launch of the National Global Supply Chains Initiative, which aims to strengthen the position of the Kingdom as an important center and a vital link in global supply chains.

The crown prince stressed that this initiative will be a great opportunity to achieve common successes, in what will contribute, on the one hand, with other development initiatives that have been launched, allowing investors, from all sectors, to benefit from the Kingdom’s resources and capabilities to support and develop these chains and build successful investments, which will give greater flexibility to economies and consumers around the world and will ensure the supply and sustainability of supply chains that reach all parts of the world in effectively and with highly competitive advantages.

On the other hand, it will also help to enable the Kingdom to realize the ambitions and aspirations of its vision, which includes the development and diversification of the resources of the national economy and the strengthening of its economic position to become among the 15 largest economies of the world by 2030.

The Crown Prince also made it clear that the launch of the National Initiative for Global Supply Chains, as one of the initiatives of the National Investment Strategy, which was launched in October 2021 AD, is part of the Kingdom’s ongoing effort to contribute to strengthen the stability and growth of the global economy.

The National Global Supply Chains Initiative aims to make the Kingdom the appropriate and optimal investment environment for all investors in supply chains, through several steps such as; Identify and develop investment opportunities and present them to investors, and establish a series of special economic zones, through which it is possible to create an attractive environment for investors, as well as attract regional headquarters of international companies to the Kingdom.

The Kingdom is working to complete regulatory and procedural reforms in various aspects, which in turn will help to continue to improve the investment environment and increase its attractiveness and competitiveness, to make investments the cornerstone for achieving economic growth and diversifying the production base in the Kingdom in the light of objectives of Saudi Vision 2030.

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A unified strategy will be developed to attract global supply chains to the Kingdom, with the aim of attracting qualitative, industrial and service investments, worth 40 billion Saudi riyals in the first two years of the initiative’s launch, and the United has allocated a budget of incentives of approximately 10 billion Saudi riyals to provide a broad package of financial and non-financial incentives for investors.

The National Global Supply Chains Initiative also allows investors to develop their investments, leveraging the Kingdom’s competitive advantages that increase the chances of success of these investments, including: The strong economy and in Kingdom growth, which is the largest in the Middle East, and one of the twenty largest economies as well in fastest growing in the world. The strategic geographical position of the Kingdom, in the heart of three continents, the availability of energy sources such as oil, gas and electricity, renewable energy sources and materials prime basic such as petrochemicals and minerals, in addition to the competitive level of costs of the main production components such as; Electricity, natural gas and work.

In addition, Saudi Arabia has: excellent infrastructure of public services such as water, electricity, telecommunications networks, etc., and an integrated and highly efficient infrastructure in the field of transport and logistics services, which includes a system of industrial cities. , in all over the Kingdom, and special economic zones to be launched shortly, and networks of airports and ports, with ambitious plans to expand them, through the National Strategy of Transport and Logistics, as well as digital infrastructures that have seen enormous progress and high levels of penetration of the Internet and broad coverage of the fifth generation (5G) network, and human resources are characterized by being young and educated and ambitious, as the percentage of Saudis, under the age of 30, is about 60% of the population.

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In addition to these benefits, the Kingdom has launched many ambitious plans and programs that have already begun to be implemented, to achieve sustainability, protect the environment and tackle climate change, which include major initiatives such as “Green Saudi Arabia” and “Green Middle East “and the diversification program of the energy mix used in electricity generation. The percentage of renewable energy in electricity production will be 50% by 2030 and the production of blue and green hydrogen will be developed, in so that the Kingdom will become the largest producer and exporter of this product.

The Kingdom is making strides in the development and application of carbon capture technologies, which supports the national initiative for global supply chains in one of its main axes to attract green investment opportunities such as: production of green metals using green hydrogen, production of devices for the production of hydrogen from electrolysis, advanced industries for recycling and others, in support of the initiatives of the Kingdom of Saudi Arabia to a circular carbon economy.

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