Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources is in the process of setting up an initiative to upgrade factories through providing soft loans aimed at improving electric power efficiency and reducing its consumption, Al-Eqtisadiah reported, citing Abdulaziz Abdulkarim, deputy energy minister.
He said that this initiative is part of the National Industrial Development and Logistics Program (NIDLP), noting that it has been a result of several specialized studies that have shown a significant increase in the electricity consumption of some factories.
According to data compiled by Argaam, Crown Prince Mohamed bin Salman has launched the NIDLP in January 2019.
By 2030, the program aims to increase the contribution of its four main sectors (Industry, mining, logistic services, and energy) to the Saudi gross domestic product (GDP) to SAR 1.2 trillion. It also aims at providing 1.6 million job opportunities and attracting over SAR 1.7 trillion in new investments.
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