Saudi Arabia has rolled out a new initiative that aims to attract global industrial companies to the kingdom and seeks to shore up 40 billion Saudi riyals ($10.6bn) worth of investments in the first two years of the launch.
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 for investors, the ministry of investment said in a statement on 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.”
The initiative is part of Saudi Arabia's push to become one of top 15 global economies by 2030. Its new global supply chain project comes after the kingdom said last year it plans to invest more than 500bn riyals by 2030 to expand its transport sector as part of a strategy to become a global logistics centre.
Saudi Arabia's National Strategy for Transport and Logistics that was announced last year aims to boost the contribution of the transport and logistics sectors to gross domestic product to 10 per cent by 2030, up from 6 per cent in 2021.
The kingdom's broader vision is to diversify its economy, develop its non-oil sector, create jobs, attract foreign investment and draw high-skilled talent.
Saudi Arabia's new supply chain initiative will “help to enable investors, from all sectors to benefit from the kingdom's resources and capabilities and support and develop these value chains,” the ministry said.
The initiative also aims to help global investors to make use of the country's “untapped potential and form strong relationships with regional and global markets.”
It includes plans for establishing several special economic zones in the “near future”, attracting the regional headquarters of international companies to the Gulf state, the statement added.
“The kingdom is also working to implement regulatory and procedural reforms in various aspects, which in turn, will contribute to further improving the investment environment,” according to the statement.
The move comes after the Covid-19 pandemic, trade disputes and geopolitical tensions have disrupted global supply chains, driving up commodity prices and disrupting manufacturing and distribution.
Through its new initiative, Saudi Arabia seeks to attract 40bn riyals of “quality, industrial and service investments” in global supply chains to the kingdom, the ministry said.
Saudi Arabia offers investors “a resilient economy” — the largest in the Arab world and the fastest growing in the G20 — a strategic location and a source of key raw materials for manufacturing.
“Saudi Arabia also offers access to oil, gas, electricity, renewable energy and human resources at competitive costs,” it added.
Strong digital infrastructure, a young, educated workforce and green initiatives are also part of the country's attractions as an investment hub, it said.
The world's top oil exporter is overseeing the development of blue and green hydrogen production projects, backing its initiatives for the circular carbon economy.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
MATCH INFO
Group B
Bayern Munich v Tottenham, midnight (Thursday)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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UAE currency: the story behind the money in your pockets
ATP RANKINGS (NOVEMBER 4)
1. Rafael Nadal (ESP) 9,585 pts ( 1)
2. Novak Djokovic (SRB) 8,945 (-1)
3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
11. David Goffin (BEL) 2,335 ( 3)
12. Fabio Fognini (ITA) 2,290
13. Kei Nishikori (JPN) 2,180 (-2)
14. Diego Schwartzman (ARG) 2,125 ( 1)
15. Denis Shapovalov (CAN) 2,050 ( 13)
16. Stan Wawrinka (SUI) 2,000
17. Karen Khachanov (RUS) 1,840 (-9)
18. Alex De Minaur (AUS) 1,775
19. John Isner (USA) 1,770 (-2)
20. Grigor Dimitrov (BUL) 1,747 ( 7)
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
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Price: Dh649,000
On sale: now
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
Tuesday results:
- Singapore bt Malaysia by 29 runs
- UAE bt Oman by 13 runs
- Hong Kong bt Nepal by 3 wickets
Final:
Thursday, UAE v Hong Kong
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
