In the presence of a select group of royal highnesses, ministers, and leaders of major local and international companies, the Ministry of Industry and Mineral Resources and the Ministry of Investment announced the launch of a standardized incentives package for the industrial sector worth SAR 10 billion, aimed at boosting sustainable industrial development in the Kingdom and raising the competitiveness of Saudi industries globally.

Details of the Standardized Incentives

The incentives include coverage of up to 35% of the initial investment for each qualifying project, with a cap of SAR 50 million, distributed equally between the construction and production phases. The first package focuses on attracting investment in the chemical processing industries, the automotive and auto-parts industry, and the machinery and equipment sector, with plans to add new sectors during 2025.

A Government Partnership to Boost the National Economy

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef affirmed that the programme represents an advanced model for supporting industries not currently manufactured in the Kingdom, helping to reduce imports and boost local content. He added that these incentives come with the support and direction of the Crown Prince -- may God protect him -- and focus on leveraging national capabilities such as the Kingdom's distinctive geographic location.

For his part, Minister of Investment Eng. Khalid Al-Falih explained that the incentives will provide an attractive environment for industrial investments, helping build a strong and diverse industrial base, and forecast that the contribution of the targeted projects would reach SAR 23 billion annually to GDP.

Goals of Saudi Vision 2030

These incentives are part of Saudi Vision 2030, which seeks to diversify the national economy and support promising industrial sectors, such as pharmaceutical industries, food, medical devices, and aviation. During the event, distinctive investment opportunities were showcased to local and international companies, alongside dialogue sessions and workshops highlighting the impact of the incentives in achieving industrial development.

Additional Information

For details on the standardized incentives and the investor guide, visit the following links: