Investment Ministry, Shareek work on SAR 300B deals: Al-Falih

The local content is a key driver of economy across various industries such as energy, industry, and tourism, among others and it requires a highly competitive investment climate, he noted, adding that the private sector boosts contribution to the Kingdom's exports, while fulfilling the needs of the growing economy.

Al-Falih indicated that 95 deals are currently undertaken through the Global Supply Chain Resilience Initiative (GSCRI) initiative, which focuses on value chains and is one of the key initiatives under the National Investment Strategy valued at SAR 100 billion. Additionally, three auto automotive complexes were launched, and there is still room to enhance supply chains in the whole industry. Further, negotiations are ongoing with Hyundai to localize automobile manufacturing in the Kingdom, as Saudi Arabia aims to produce 500,000 vehicles by 2030.