Friday 22 Nov
Saudi Arabia is currently striving to fully localize its energy supply chain, encompassing raw materials to final products, as stated by Saudi Energy Minister Prince Abdulaziz bin Salman.
To achieve this goal, fifteen
government agencies within Saudi Arabia are actively working to bridge gaps
identified in existing supply chains during the COVID-19 pandemic. Following
the pandemic, a comprehensive study was conducted to pinpoint weaknesses and
bolster self-reliance, as outlined by Prince Abdulaziz in his speech at the
Energy Localization Conference held in Riyadh Thursday.
Two years ago, Saudi Crown Prince Mohammed bin Salman launched a national initiative for global supply chains, allocating a budget of 10 billion riyals to offer a package of financial and non-financial incentives to investors. The initiative aims to solidify the Kingdom's position as a prominent hub and crucial link in global supply chains, attracting qualitative industrial and service investments valued at 40 billion riyals within the first two years of its launch.
