RIYADH: Saudi Arabia increased indigenous industries with an estimated SR12.4 billion ($3.3 billion) impact on gross domestic product by launching programs and signing 15 agreements at the Local Content Forum.
The agreements, which were made on the first day of the three-day gathering in Riyadh, cover a number of important industries, such as transportation, technology, and manufacturing. In line with more general economic objectives, the Local Content and Government Procurement Authority started a number of programs to promote the localization of important industries.
Sadara Chemical Co. highlighted its commitment to Saudi Arabia’s localization efforts when it introduced its “Wattenha” program. The program’s objectives are to improve manufacturing capacities, foster human capital development, and assist domestic suppliers.
With SR3 billion spent on Saudi procurement in the first half of 2024, Sadara claimed a local content rate of 50.25 percent, exceeding industry standards. According to a news statement, Saudization achieved 77.8 percent and 43 percent of its offers were locally created. According to SPA, the minister emphasized that this program reflects the partnership between SAR and the private sector in collaboration with the LCGPA.
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