Standard incentives to apply to industrial sectors in batches: Ministry

Logo of Ministry of Industry and Mineral Resources 

The Ministry of Industry and Mineral Resources said that the launch of standard incentives for the industrial sector will be in successive batches, covering all industrial sectors.

In a statement, the Ministry added that these incentives come with the aim of enabling and developing local manufacturing of products that have not yet been produced within the Kingdom, as well as boosting the sustainable competitiveness of the industrial sector.

Moreover, the standard incentives will help achieve the goals of the two national strategies for industry and investment, enhancing productivity in a number of priority sectors, and attracting advanced technologies and international companies.

The Ministry of Industry and Mineral Resources and the Ministry of Investment are scheduled to hold a launch ceremony on January 12, 2025, to announce more details related to the standard incentives for the industrial sector, in addition to a set of accompanying investment opportunities. The launch ceremony will also include dialogue sessions and workshops with the participation of several companies.

The incentives come within the framework of the efforts made to achieve the goals of Saudi Vision 2030, which seeks to support economic growth, diversify sources of income, and enable the industrial sector to become more attractive to local and international investments. They will also contribute significantly to increasing investment, encouraging innovation, and enhancing the Kingdom’s position as a global industrial destination, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

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