Saudi Arabia Earmarks $2.7 Billion to Become Supply Chain Hub

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Saudi Arabia plans to give incentives for global supply firms to invest in the kingdom in order to develop it as a hub for industrial companies.

Saudi Arabia wants to attract 40 billion riyals of investment into the country. The kingdom's goal is to become one of the 15 largest economies in the world.

According to a statement on the state-run Saudi Press Agency, the initiative will leverage the Kingdom's resources, infrastructure and location to bring greater resilience to economies and companies across Europe, the Americas and Asia.

Saudi Arabia has announced a number of investment targets as it looks to wean the economy off a reliance on oil sales. It wants to become a hub for low-carbon energy sources such as solar power and hydrogen exports.

The kingdom wants the supply chain plan to include manufacturing of green metals, green hydrogen production devices, and advanced recycling industries.

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