Standard incentives to cover 200 projects with SAR 50B investments: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said that the Kingdom’s new Standard Incentive Program for the industrial sector is expected to support over 200 projects, with investments reaching up to SAR 50 billion. This initiative is set to enhance the balance of payments and reduce reliance on imports.

In an interview with Argaam, Alkhorayef explained that the program targets products that are not yet manufactured locally, focusing on high-consumption items with significant import volumes. These products have been prioritized for the program.

The initial focus will be on vital industries, with the program also aiming to boost sectors like military industries, pharmaceuticals, food, housing and construction, and energy.

Alkhorayef noted that the ministry, in cooperation with relevant agencies, carefully selected priority products based on the needs of various sectors.

He also highlighted that the program offers financial incentives of up to SAR 50 million per project, covering up to 30% of total investment costs.

These incentives aim to reduce borrowing costs and mitigate early-stage risks for investors, ultimately helping ensure sustainability of new industrial projects, Alkhorayef concluded.