Saudi Arabia offers foreign, national investors same incentives: AlKhorayef

Bandar AlKhorayef, Minister of Industry and Mineral Resources

Saudi Arabia offers foreign and national investors the same incentives, including finance, said Bandar AlKhorayef, Minister of Industry and Mineral Resources.

The same finance is offered to foreign and Saudi investors, Alkhorayef told Argaam on the sidelines of the “An Industrial Nation Forum”, which focused on the National Industrial Strategy. If some cases require other incentives and additional subsidy, incentives will be studied and decided based on the project importance in the industrial strategy, etc. regardless of investor nationalities, he stressed.

On the other hand, the minister added that Lucid Motors’s electric vehicles (EV) factory is under construction as scheduled in the Kingdom. Lucid plans to manufacture about 155,000 EVs through this factory.

Another carmaker is planning to build a factory in the Kingdom, Alkhorayef said, adding that details will be announced soon. The EVs manufactured by both factories will exceed the target set at 300,000. Apart from Lucid, that carmaker aims to produce almost 180,000 EVs.

Meanwhile, talks are ongoing with a third leading, global car manufacturer to establish a car factory in the Kingdom, Alkhorayef revealed.