Saudi Arabia launches Standard Incentives Program for Industrial Sector

NOHA.GAD
Jan 12, 2025

Riyadh - Sharikat Mubasher: The Saudi Ministry of Industry and Mineral Resources launched the Standard Incentives Program for the Industrial Sector to promote manufacturing products not currently produced in the Kingdom and support the enablers in the National Industry Strategy (NIS).

The launching ceremony was attended by several Saudi ministers, including Minister of Industry and Mineral Resources Bandar Alkhorayef, Minister of Energy Abdulaziz Salman Al Saud, Minister of Investment Khalid Al Falih, Minister of Economy and Planning Faisal Alibrahim, and several other ministers, senior officials, and leaders from major local and global companies.

In his opening speech, Alkhorayef revealed that the program was developed through a holistic government effort in collaboration with relevant entities, overseen by the Localization and Balance of Payments Committee.

The program targets attracting quality investments and accelerating their pace, in addition to ensuring the sustainability of investments and enhancing industrial competitiveness both locally and internationally, Alkhorayef added.

For his part, Al Falih emphasized that the program represents a significant move towards achieving the goals of Vision 2030 and the NIS by attracting and nurturing industrial investments and enhancing the competitiveness of the Saudi industry sector   

Through the program, the Kingdom aims to elevate the industrial business environment by improving legislative and financial frameworks and increasing the sector’s contribution to local content.

Further, the incentive program targets fostering and straightening a culture of innovation and knowledge through talent development and attraction.

The specific industrial goals of the Standard Incentives Program include promoting localization and local content to reduce reliance on imports and developing national capabilities as well as enhancing the balance of payments.


Share

Related News

Tamkeen Technologies launches 2 AI-powered products at LEAP 2025
News
Calendar Icon
February 10, 2025
Tamkeen Technologies launches 2 AI-powered products at LEAP 2025
readmore
IdaraTech to launch project management platform this year
News
Calendar Icon
February 10, 2025
IdaraTech to launch project management platform this year
readmore
Bcare introduces its latest product ‘Medical Capsule’ at LEAP 2025
News
Calendar Icon
February 10, 2025
Bcare introduces its latest product ‘Medical Capsule’ at LEAP 2025
readmore
SNC ICT showcases various offerings at LEAP 2025
News
Calendar Icon
February 10, 2025
SNC ICT showcases various offerings at LEAP 2025
readmore
Alballaa: Space techs became crucial in our daily lives
News
Calendar Icon
February 10, 2025
Alballaa: Space techs became crucial in our daily lives
readmore
Al Mohamadi: Logisti Platform simplifies logistics access for investors and users
News
Calendar Icon
February 10, 2025
Al Mohamadi: Logisti Platform simplifies logistics access for investors and users
readmore
Aldalbahi: GO offers advanced digital solutions to enhance customer satisfaction
News
Calendar Icon
February 10, 2025
Aldalbahi: GO offers advanced digital solutions to enhance customer satisfaction
readmore
COO: AzmDigital leverages AI to optimize user experience
News
Calendar Icon
February 10, 2025
COO: AzmDigital leverages AI to optimize user experience
readmore
Global tech leaders highlight AI's future at LEAP 2025’s day 1
News
Calendar Icon
February 10, 2025
Global tech leaders highlight AI's future at LEAP 2025’s day 1
readmore
Alat, Lenovo break ground on $2bn manufacturing facility in Saudi Arabia
News
Calendar Icon
February 9, 2025
Alat, Lenovo break ground on $2bn manufacturing facility in Saudi Arabia
readmore