Saudi Arabia designates funds for an economic overhaul

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Mohammed Bin Salman, the Crown Prince of Saudi Arabia, announced on Sunday that the kingdom has designated 10 billion riyals (USD 2.7 billion) as funds to provide incentives for global supply chain firms as they bring in investment to the kingdom. Saudi Arabia is on a journey to develop its economy as a hub for industrial companies, and gradually reduce its economic dependence on oil sales.

Salman made the announcement as part of Saudi Arabia’s Global Supply Chain Resilience Initiative, which targets an investment of 40 billion riyals into the country, furthering its aspirations of becoming one of the 15 largest economies globally by 2030. The kingdom wants the supply chain plan to attract investment in areas including manufacturing of green metals, green hydrogen production devices, and advanced recycling industries.

The initiative intends to “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,” according to a statement on the state-run Saudi Press Agency.

Saudi Arabia wants to position itself as a regional hub for transport and logistics, digital infrastructure, and low-carbon energy sources including solar power and hydrogen exports.