Saudi Arabia has announced nine transformative investment deals under its Global Supply Chain Resilience Initiative (GSCRI), totaling more than $9.3 billion. These deals were revealed at the World Investment Conference in Riyadh, highlighting the Kingdom’s ambition to enhance its role in global supply chains.
The agreements include significant projects such as copper smelting with Vedanta, advanced titanium ventures with AMIC and Tasnee, and rare earth processing with Hastings. Additional collaborations with Red Sea Aluminum, Glasspoint, and Zijin Group emphasize Saudi Arabia’s expanding influence in renewable energy, base metals, and advanced manufacturing.
Saudi Arabia’s Minister of Investment, Khalid Al-Falih, stated that these deals will boost access to critical materials, enhance local manufacturing, and strengthen sustainability, aligning with the evolving nature of globalization, which now focuses on regionalization and supply chain clusters.
Minister of Industry and Mineral Resources, Bandar Al-Khorayef, highlighted the importance of Saudi Arabia’s localization strategy in reducing imports and bolstering resilience, aiming to position the Kingdom as a major global player. He announced the creation of the world’s largest food cluster and significant developments in the automotive sector.
During the GSCRI discussion panel, industry leaders agreed that Saudi Arabia provides a stable environment in a volatile world. Boeing’s President in Saudi Arabia, Assaad AlJomoai, praised the Kingdom’s infrastructure as unmatched in terms of renewable energy costs, offering a compelling case for sourcing synthetic fuels.
The conference also featured sessions on public-private collaboration and strategies for emerging industries. Prince Sultan Bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund, shared that the fund has supported 4,000 projects, with 40% linked to Vision 2030, emphasizing investment in people as a cornerstone for future development.
Other panels discussed technology and investment, focusing on artificial intelligence and blockchain. A roundtable on COP29 outcomes explored sustainable finance integration, while entrepreneurship sessions fostered connections between investors and startups, showcasing Saudi Arabia’s commitment to innovation.
The World Investment Conference concludes with discussions on global investment opportunities, special economic zones, and sustainable tourism, furthering Saudi Arabia’s strategic vision for economic growth and diversification.
