Saudi Arabia to offer incentives for attraction of global industries: Al-Falih

Khalid Al-Falih, Minister of Investment

Saudi Arabia will offer financial incentives for the attraction of global industries, in addition to benefiting from its economic zones that will be launched in the next weeks, Minister of Investment Khalid Al-Falih told Future Minerals Forum.

He added that the economic zones were designed to fulfill the needs of each sector to explore minerals in order to be refined, processed, manufactured and then exported as final products or intermediates to international supply chains.

The GCC region, in general, and Saudi Arabia, in particular, have the potential to be part of the solution for the challenges facing the world.

He added that the Kingdom has all the necessary capabilities, including energy solutions, noting that the state is the safety valve for the world in terms of energy, location, financing and the best legislation.

Al-Falih pointed to other legislation, including the investment law that will be issued in 2023, as well as the environmental legislation that is constantly updated.  

Investors' evaluation will be the highest in Saudi Arabia due to low carbon emissions and increased possibility of using renewable energy and hydrogen, which will help reduce emissions during the manufacturing of several minerals.

The Kingdom will not only be the fastest-growing economy in the mining sector, but it will also benefit from minerals, as was the case with oil and gas, the minister said.

He added that the country will continue to develop value and supply chains, as well as manufacturing.