Arab News, Sat, May 04, 2024 | Shawwal 25, 1445
Saudi Arabia open to financing up to 75% of certain industrial projects, says minister
Saudi Arabia:
Saudi Arabia is open to providing up to 75
percent of financing for certain industrial projects, a minister has revealed
in a bid to incentivize foreign investment and private sector players.
During his discussion with several Qatari
investors on the sidelines of the 52nd meeting of the Gulf Cooperation Council
Industrial Cooperation Committee in Doha, Bandar Alkhorayef, the Kingdom’s
minister of industry and mineral resources, highlighted the vast opportunities
that Saudi Arabia’s untapped mining potential provides to global investors.
According to a release on X, he reaffirmed that in
addition to the incentives provided by the industrial and mineral wealth system
and the multiple sources of financing, the prepared infrastructure in more than
36 industrial cities around the Kingdom offers a sum of qualitative capabilities
such as the production of prefabricated factories and long-term rentals.
Alkhorayef further lauded the private sector as
the real engine for the Kingdom’s industrial development, noting that the
National Strategy for Industry was initially built in partnership with the
private sector.
This stems from the nation’s belief in the
importance of private sector players and their ability to create promising
opportunities in various fields, the release added.
In another boost to the industrial sector in the
GCC, the minister headed the Kingdom’s delegation to the industrial committee
meetings in Doha. The panel discussed a number of initiatives proposed by Saudi
Arabia, including the Gulf Industrial Excellence Award.
In addition, the meeting reviewed the Arab
industrial integration strategy and attempts to unify the support provided to
the industrial sector in GCC countries, aiming to achieve economic growth and
overcome challenges and obstacles faced in the industry.
Furthermore, developments in finding a unified
definition for the Gulf national product and its proposed standards were
discussed.
The meeting also stressed the importance of
supporting the industrial sector in the GCC countries and integrating the roles
of respective nations to aid in developing their respective national industries.