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 sub-sectors.

In a statement, the ministry added that these incentives are aimed at enabling and developing the local manufacturing of products that are not being produced within the Kingdom. This is besides 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, hence enhancing productivity in a number of priority sectors. This is while also attracting advanced technologies and international players.

The Ministry of Industry & Mineral Resources and the Ministry of Investment are scheduled to hold a launch ceremony on Jan. 12, 2025, to announce more details related to these standard incentives, in addition to a set of accompanying investment opportunities.

The launch ceremony will also include dialogue sessions and workshops with the participation of several industry players.

The incentives align with 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 ramping up investments, encouraging innovation, and enhancing the Kingdom’s position as a global industrial hub, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

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