Local content law to apply to state-owned companies as of 2023: AlKhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef

Minister of Industry and Mineral Resources Bandar AlKhorayef said that the local content law will apply to state-owned companies and majority state-run businesses as of 2023.

Speaking during a seminar on the sidelines of the exhibition of launching the National Industrial Strategy, the minister explained that the early outcomes of the strategy will be felt by every citizen.

AlKhorayef added that one of the goals of the strategy, as stressed earlier by Crown Prince Mohammed bin Salman, is for the Kingdom to become a source of high-value, advanced industry and exports. He further said that the strategy was prepared in partnership with related entities, as it overlaps with a number of other strategies.

The National Industrial Strategy is realistic, despite the huge target numbers, as each project in the strategy has specific goals, and the strategy sets methods of achieving them, according to the minister.