Saudi Arabia rolled out a new initiative that aims to attract global industrial companies to the kingdom and shore up 40 billion Saudi riyals ($10.6bn) worth of investments during the launch phase.
Under the Global Supply Chain Resilience Initiative (GSCRI) launched by the kingdom's Crown Prince Mohammed bin Salman, Saudi Arabia will earmark 10bn riyals in financial and non-financial incentives to investors, the ministry of investment said in a statement Sunday.
"This initiative aims to strengthen the position of the kingdom of Saudi Arabia in the global economy and to mitigate the impact of global disruptions," the ministry said.
"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."
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