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Saudi Arabia launches SR10 billion industrial incentive program
(MENAFN) According to a senior official, Saudi Arabia is delivering its standardized incentive program, which is worth SR10 billion (USD2.66 billion), in a flexible manner to optimize its impact across businesses.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef told Arab News during an interview on the sidelines of the Standard Incentives for the Industrial Sector event that the program is made to meet investor demand and provide the best possible returns.
“We are now very flexible with regards to the split between different sectors because we would like to see, you know, how the appetite of the investor and where are the areas where maybe the program needs to focus more and put more effort,” Alkhorayef stated.
In his introductory remarks, Alkhorayef presented a standardized incentive scheme worth SR10 billion that aims to encourage sustainable growth and empower industry investments.
Targeting industries with a high reliance on imports and no local manufacturing, the program aims to reduce reliance on imports by covering up to 35 percent of a project's initial investment, with a ceiling of SR50 million per project.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef told Arab News during an interview on the sidelines of the Standard Incentives for the Industrial Sector event that the program is made to meet investor demand and provide the best possible returns.
“We are now very flexible with regards to the split between different sectors because we would like to see, you know, how the appetite of the investor and where are the areas where maybe the program needs to focus more and put more effort,” Alkhorayef stated.
In his introductory remarks, Alkhorayef presented a standardized incentive scheme worth SR10 billion that aims to encourage sustainable growth and empower industry investments.
Targeting industries with a high reliance on imports and no local manufacturing, the program aims to reduce reliance on imports by covering up to 35 percent of a project's initial investment, with a ceiling of SR50 million per project.
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