Saudi Arabia launches experimental exports stimulus program

Saudi Exports Development Authority (Saudi Exports) and the Private Sector Stimulus Unit have launched the experimental phase of the SAR 120 million Saudi Exports Stimulus Program, Saudi Press Agency (SPA) reported.

As part of the National Industrial Development and Logistics Program, the new initiative supports national exporters in order to expand into international markets and increase their competitiveness, in-line with Vision 2030 which aims to increase the contribution of non-oil exports to the Kingdom’s non-oil GDP from 16 percent to 50 percent.

The program offers Saudi companies nine incentives that comply with the World Trade Organization’s (WTO) requirements, covering the costs of all export activities.

The value of the incentives starts from SAR 20,000 up to SAR 255,000, at various coverage limits based on the activity.

The program is set to officially stat in Q3 2019, and exports will be able to register for it online through  Saudi Exports’ website.