RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources has signed agreements for nine projects representing the first group of beneficiaries of the standard incentives for the industrial sector, with a total investment volume of nearly SR2 billion ($523 million).
This took place during a ceremony held under the patronage and in the presence of the Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef and the Minister of State, Member of the Council of Ministers, and Secretary of the Localization and Balance of Payments Committee, Hamad bin Mohammed Al-Sheikh.
In his address during the ceremony, Alkhorayef emphasized that the standard incentives program is one of the most important enablers for stimulating value-added industrial investments and empowering the manufacturing of new products, according to the Saudi Press Agency.
This contributes to enhancing localization and developing local content, and achieves the objectives of Saudi Vision 2030, which aims to make industry a fundamental pillar of economic growth and diversify the Kingdom’s production base.
The minister further emphasized that standardized incentives are a modern tool for reshaping the relationship between the government and industrial investors by enhancing transparency and linking government support to the actual economic impact of projects.
