Bandar Alkhorayef, Minister of Industry and Mineral Resources
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, announced that the Kingdom’s new industrial incentive program is expected to cover over 200 projects with a combined investment of SAR 50 billion. 
In an exclusive interview with Argaam, the minister emphasized that this initiative will significantly contribute to improving the balance of payments and reducing reliance on imports.
It is specifically designed to support products that are not currently manufactured locally in Saudi Arabia, with a particular focus on items with high domestic demand and substantial import volumes.
The initial focus will be on vital industries, the minister noted. However, the program is also expected to contribute to the goals of other sectors such as defense, pharmaceuticals, food, housing, construction, energy, and electricity.
Moreover, Alkhorayef noted that the ministry, in collaboration with relevant authorities, prioritized products based on the various sectors’ needs.
The program offers financial incentives of up to SAR 50 million per project, representing a maximum of 30% of the total investment.
The incentives aim to reduce borrowing costs and mitigate risks for investors in the early stages of their projects, thereby enhancing the sustainability of new industrial ventures.
Bandar Alkhorayef, Minister of Industry and Mineral Resources
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, announced that the Kingdom’s new industrial incentive program is expected to cover over 200 projects with a combined investment of SAR 50 billion.
In an exclusive interview with Argaam, the minister emphasized that this initiative will significantly contribute to improving the balance of payments and reducing reliance on imports.
It is specifically designed to support products that are not currently manufactured locally in Saudi Arabia, with a particular focus on items with high domestic demand and substantial import volumes.
The initial focus will be on vital industries, the minister noted. However, the program is also expected to contribute to the goals of other sectors such as defense, pharmaceuticals, food, housing, construction, energy, and electricity.
Moreover, Alkhorayef noted that the ministry, in collaboration with relevant authorities, prioritized products based on the various sectors’ needs.
The program offers financial incentives of up to SAR 50 million per project, representing a maximum of 30% of the total investment.
The incentives aim to reduce borrowing costs and mitigate risks for investors in the early stages of their projects, thereby enhancing the sustainability of new industrial ventures.
