Industrial sector contributes 30% of Saudi Arabia' FDIs: Al-Falih

Minister of Investment Khalid Al-Falih said the industrial sector contributes 30% of total foreign direct investments (FDIs) in Saudi Arabia.

At a panel during the launch of benchmark incentives for the industrial sector, Al-Falih said the Kingdom had SAR 142 billion worth of investments in the manufacturing sector over the first nine months of 2024.

He added that 571 global and multinational companies, mostly industrial, established regional headquarters in Saudi Arabia, with the government providing various enabling incentives through diverse programs.

The minister emphasized that the incentives are a significant step toward achieving the goals of Vision 2030 and the National Investment Strategy that aims to attract and boost industrial investments and enhance the competitiveness of Saudi industry.

The incentives will accelerate the establishment of new industrial facilities across all stages of the value chain, providing industrial investors with stronger, faster, and more cost-effective local supply chains, Alkhorayef said.

He also reaffirmed the ministry's commitment to working closely with the Ministry of Industry to build a strong and diverse industrial base in the Kingdom, serving both the domestic market and surrounding regions.

Launched two years ago, the first phase of the incentives supported 33 projects with a total value of SAR 310 billion.