The Kingdom of Saudi Arabia's flag
The Global Supply Chain Resilience Initiative (GSCRI) announced today, Nov. 26, that Saudi Arabia has signed nine investment agreements worth more than SAR 35 billion ($9.32 billion) with foreign companies to enhance global supply chains, Reuters reported.
Al-Falih said that the deals are expected to help enhance access to essential materials, boost local manufacturing in the Kingdom, and promote sustainability and comprehensive Saudi participation in global supply chains.
He expressed hope that these deals will be among many upcoming achievements under the Jusoori Program, aimed at supporting the resilience of global supply chains with investors and partners.
Speaking at the World Investment Conference 2024 (WIC), the Saudi minister noted that many investors are interested not only in mining but also in green energy and other aspects of development.
The initiative contributes to creating quality opportunities for both Saudi and foreign investors in sectors where the Kingdom has a competitive advantage, in line with the country’s developmental goals and enhance global supply chains across various sectors.
According to data available on Argaam, Crown Prince Mohammed bin Salman launched the Global Supply Chain Resilience Initiative in October 2022. The initiative aims to strengthen the Kingdom’s position as a key hub and vital link in global supply chains.
It is crucial for Saudi Arabia to ensure access to regional and global markets through export-oriented manufacturing facilities that offer economies of scale, financial stability, and global competitiveness.
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