Industry Ministry signs SAR 2B projects benefiting from standard incentives: Al-Khorayef

Minister of Industry and Mineral Resources Bander Al-Khorayef stated that the ministry signed today, Nov. 30, the first batch of projects benefiting from the standard incentive program for the industrial sector.

The first batch includes nine projects with total investments of nearly SAR 2 billion, the minister said in a speech during a ceremony attended by Argaam.

The ministry has also delivered letters of intent to 25 projects worth about SAR 5 billion in the second batch, Al-Khorayef said.

The minister pointed out that the program has so far received more than 500 applications, while work is still ongoing to study more than 300 additional projects. He expected the total value of investments benefiting from the program to rise to around SAR 24 billion, with results to be announced in the coming period.

He also noted that the program comes as part of implementing Vision 2030, which aims to make industry one of the pillars of economic growth and to diversify the Kingdom’s production base.

These incentives represent an essential tool for reshaping the relationship between the government and industrial investors by enhancing transparency and linking government support to the actual economic impact of projects. The program is based on three main principles: fairness and clarity, maximizing economic impact, and sustainability and responsibility, Al-Khorayef said.

He highlighted that the beneficiary projects contribute to strengthening local content, import substitution, increasing non-oil exports, importing advanced technologies and sustainable production practices.

The signing of these incentives marks the beginning of a long-term partnership between the state and investors, the minister said.

Al-Khorayef added that the Kingdom’s industrial ecosystem now provides an integrated investment environment, including advanced infrastructure and logistics, abundant energy, clear regulations, and digital platforms that simplify procedures for investors to obtain licenses and services.

He called on existing investors to continue presenting high-quality projects that boost the sector's competitiveness, sending a message to potential local and international investors that industrial opportunities in the Kingdom remain open and standard incentives are designed to match their ambitions and reduce investment risks.