Riyadh - Sharikat Mubasher: Saudi Arabia’s Ministry of Industry and Mineral Resources and Ministry of Investment allocated SAR 10 billion to activate the Standard Incentives Program for the Industrial Sector which aims to enable industrial investments and ensure their sustainability.
In a statement, the ministry revealed that the Standard Incentives Program offers coverage of 35% of the initial project investment, with a maximum of SAR 50 million for each project. The investment enablement is distributed over two equal phases across the project lifecycle, offering 50% during the construction phase and 50% during the production phase.
The first phase of the program includes key sectors such as automotive manufacturing and parts, transformative chemical industries, and the machinery and equipment sector, with plans to cover additional sectors throughout the year to enhance economic diversification.
The Ministry of Industry launched the Standard Incentives Program for the Industrial Sector to boost manufacturing products that are not currently produced in the Kingdom and promote localization and local content to reduce reliance on imports.
Eligible projects for the Standard Incentives Program will enjoy a good financial position based on the assessment of borrowing rates, liquidity, profitability levels, asset quality, and credit record. The program will contribute 25% of the total initial investment cost.