Riyadh – Sharikat Muasher: On the sidelines of the annual ceremony of the National Industrial Development and Logistics Program (NIDLP), Bandar Alkhorayef, Minister of Industry and Mineral Resources said that whoever misses out on investing in the Kingdom loses a “golden opportunity”.
Speaking to Asharq Business, the Minister outlined five key factors that make the Saudi market highly attractive to major companies seeking to expand their products to global markets.
These factors include financing advantages, availability of industrial lands, energy, logistics services, and a guarantee given to companies to sign pre-purchase agreements with other entities through the Technology Transfer and Localization Program of the Local Content & Government Procurement Authority.
According to its CEO, Suleiman Al-Mazroua, the program has so far attracted over SAR 630 billion in private sector investments.
Saudi Arabia has also initiated efforts to encourage global companies to establish their regional headquarters in Riyadh. In October, Khalid Al-Falih, Minister of Investment, announced that the number of multinational companies granted licenses to set up headquarters in the Saudi capital reached 540, exceeding the targets set by "Vision 2030."
