SAR seeks to bring local content to 60% in 2025: CEO

Logo of Saudi Railway Co. (SAR)

Bashar AlMalik, CEO of Saudi Railway Co. (SAR), said that the company aims to increase the local content rate to 60% in 2025, with an eye up spending to SAR 15 billion by 2030.

In a statement to CNBC Arabia, the top executive indicated that the investment opportunities provided by the sector cover all activities in which SAR operates, such as manufacturing train carriages, investing in implementing railways and related technologies, and spare parts used in various assets.

SAR is also open to any initiatives from the private sector, which contributes to raising the local content rate, he added.

When evaluating any offer to the company, a high percentage is given to local content. The opportunities for local investors are high compared to entities that import or manufacture from abroad, according to AlMalik.

Regarding the “Asasat” program that was launched yesterday at a value of SAR 1.5 billion, the CEO said that the program aims to organize the relationship between the company and its partners from the local private sector, and to clarify the fully available opportunities and the studies that have been conducted for them.

“This provides a clearer image for the partners, especially small and medium-sized companies, to invest in the sector. It also enables progress to be measured clearly and accurately,” he added.