Riyadh - Sharikat Mubasher: Saudi Arabia’s Ministry of Industry and Mineral Resources launched the second batch of the Standard Incentives for the Industrial Sector initiative during the Saudi Industry Forum.
According to the ministry, the first patch of the program covers downstream chemicals, automotives, and machinery and equipment, while the second patch spans additional industrial sectors, including aviation, building materials, medical devices, pharmaceuticals, F&B, and mineral industries.
Eligible investors under the program may receive up to SAR 50 million, or 35% of the total investment value.
In his remarks at the Saudi Industry Forum, Khalil Salamah, Deputy Minister of Industry and Mineral Resources for Industrial Affairs, announced that investors will be able to invest and apply for the new batch at the beginning of August.
Salamah affirmed that the initiative supports the government’s efforts to drive high-value investments in priority sectors. He further emphasized the pivotal role of the private sector in shaping and implementing the National Industrial Strategy (NIS).
“The partnership with the private sector has been a cornerstone in shaping the National Industrial Strategy, and it continues to grow steadily to ensure we meet the goals of our national industrial ambitions. The industrial investor remains an indispensable partner in our development efforts,” the official said.
Since its initial launch, the Standard Incentives for the Industrial Sector has attracted more than 1,000 investors. Of the 118 applications received, 12 have reached the final qualification stage. The program aims to accelerate the growth of industrial investments, reduce reliance on exports, enhance the global competitiveness of Saudi industry, and promote the establishment of new industries.
The Saudi Industry Forum takes place in Dhahran from 23 to 25 June, gathering representatives from the public and private sectors, academics, researchers, and heads of major industrial companies.
Held under the theme ‘Our Industry in a New Era: Digital Transformation and Sustainable Development,’ the forum discusses various topics in the Saudi industrial community and showcases the latest innovations and technologies in various industrial fields.
