The Saudi Arabia government has announced the launch of the Global Supply Chain Resilience Initiative (GSCRI).
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs made the announcement on 23 October.
The GSCRI aims to make the Kingdom a key location for supply chain investors and attract SAR40 billion ($10.6 billion) in investments in the first two years.
The initiative follows Saudi Arabia’s efforts to overcome challenges faced by global supply chains.
The GSCRI will comprise of identifying and developing investment opportunities for investors, establishing a number of special economic zones in the near future, in addition to attracting the regional headquarters of international companies to the Kingdom.
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According to a recent statement, the investment strategy will be coupled with an initial SAR10 billion ($2.6 billion) in financial and non-financial incentives.
Saudi ports recorded an increase in container throughput during September 2022, reaching a total of 657,420 TEU.
The figure represents 9.2 per cent increase compared to the 602,033 TEU recorded in September 2021.