Cabinet approves standard incentives for industrial sector

 A Cabinet session

The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved standard incentives for the industrial sector today, Dec. 17.

The Cabinet also gave the green light for a number of decisions, including the regulatory enablers of the National Cybersecurity Authority, the salary scale for engineering jobs, and the organizational arrangements for the National Center for Marine Information, the SPA reported.

It further noted that Saudi Arabia's recent credit rating upgrades by global agencies over the past two years reflect the continued success of its economic reforms and fiscal policies, which ensured financial sustainability, strengthened financial planning, and reinforced its strong financial position.

The Cabinet also highlighted the Kingdom's successful bid to host the 2034 FIFA World Cup, marking a new milestone for Saudi sports and underscoring the Kingdom's global standing.

Moreover, the Cabinet discussed the importance of the National Red Sea Sustainability Strategy launched by the Crown Prince, aimed at protecting the ecosystem, fostering cooperation, and supporting the shift to a sustainable blue economy to enhance economic diversity in line with national objectives.

It also reviewed the outcomes of regional and international gatherings hosted by Saudi Arabia, emphasizing its commitment to multilateral efforts for global challenges and economic prosperity.

The Cabinet affirmed that the launch of Riyadh metro and bus transportation project marks a significant shift in infrastructure development, supporting economic growth, enhancing services for citizens and residents, and elevating service quality.