Riyadh, Saudi Arabia: At the 28th World Investment Conference in Riyadh, Minister of Investment, Khalid A. Al-Falih, emphasized a shift towards regionalization to enhance supply chain resilience. This event, cohosted by Invest Saudi and WAIPA, unveiled nine key investment deals totaling over $9.3 billion under Saudi Arabia’s Global Supply Chain Resilience Initiative (GSCRI), aimed at boosting the Kingdom’s economy and attracting further investment.
Al-Falih noted that these agreements will increase access to critical materials, promote domestic manufacturing, and enhance Saudi participation in global supply chains. He stated, Globalization will continue, but it will evolve with regionalization and clustering of supply chains where resources and business environments align.
The investment deals include projects such as copper smelting with Vedanta, titanium projects with AMIC and Tasnee, and rare earth processing with Hastings. Collaborations with Red Sea Aluminum, Glasspoint, and Zijin Group highlight Saudi Arabia’s expanding role in renewable energy and advanced manufacturing sectors.
Minister of Industry and Mineral Resources, Bandar Al-Khorayef, discussed the Kingdom’s localization strategy, which aims to reduce imports and bolster resilience, positioning Saudi Arabia as a major global player. Recent announcements include the world’s largest food cluster and a significant automotive sector expansion.
During a GSCRI panel, experts recognized Saudi Arabia as a stable option in an unpredictable world. Assaad AlJomoai from Boeing praised the Kingdom’s infrastructure for renewable energy, presenting a compelling opportunity for sourcing synthetic fuel.
The conference’s second day included panels on future investments and industry collaboration. Prince Sultan Bin Khalid Al Saud of SIDF highlighted the fund’s support for 4,000 projects, with many aligned with Vision 2030. He emphasized investing in people and trusting their capabilities for future generations.
Sessions also explored technology investments, including AI and blockchain, and a COP29 Integration Roundtable discussed sustainable finance strategies. The conference continued its focus on entrepreneurship, fostering connections between global investors and startups, reinforcing Saudi Arabia’s dedication to innovation.
The conference will conclude with discussions on global investment opportunities, special economic zones, and sustainable tourism.
