RIYADH, Saudi Arabia (AA) – Saudi Crown Prince Mohammed bin Salman has launched an initiative to attract investments worth 40 billion riyals ($10.6 billion) in supply chains.

Bin Salman said the Global Supply Chain Resilience Initiative (GSCRI) will support growth of key sectors and aim to attract 40 billion riyals ($10.6 billion) in investments in its first two years, the state news agency SPA reported.

The initiative includes the allocation of 10 billion riyals ($2.66 billion) in financial and non-financial incentives to investors, the crown prince said.

According to SPA, the GSCRI aims to make Saudi Arabia an optimal environment for all investors in supply chains, through several steps. These include identifying and developing investment opportunities, establishing special economic zones and attracting regional HQs of international companies to the kingdom.

The new initiative is part of Saudi Arabia’s efforts to reach a target of becoming one of the 15 largest economies globally by 2030.

The Saudi drive comes amid a global supply chain crisis in the wake of the coronavirus pandemic and the Russian invasion of Ukraine.

* Ikram Imane Kouachi contributed to this report