RIYADH: A minister says Saudi Arabia is willing to provide up to 75% of financing for certain industrial projects to encourage foreign investment and private sector participation.
During a discussion with several Qatari investors on the sidelines of the Gulf Cooperation Council Industrial Cooperation Committee’s 52nd meeting in Doha, Bandar Alkhorayef, the Kingdom’s minister of industry and mineral resources, emphasized the vast opportunities that Saudi Arabia’s untapped mining potential provides to global investors.
According to an X release, he reaffirmed that, in addition to the incentives provided by the industrial and mineral wealth system and the various sources of financing, the prepared infrastructure in more than 36 industrial cities across the Kingdom offers a sum of qualitative capabilities, such as prefabricated factory production and long-term rentals.
Alkhorayef also praised the private sector as the true engine of the Kingdom’s industrial development, pointing out that the National Strategy for Industry was initially developed in collaboration with the private sector.
In another boost for the GCC’s industrial sector, the minister led the Kingdom’s delegation to the industrial committee meetings in Doha. The panel discussed Saudi Arabia’s proposed initiatives, including the Gulf Industrial Excellence Award.
Furthermore, the meeting reviewed the Arab industrial integration strategy and attempts to unify support for the industrial sector in GCC countries to achieve economic growth while overcoming industry challenges and obstacles.
Also Read:
Accreditation for Customer Experience is Given to Saudi Airports, Improving Travel Services
Celebrating the 20th Hareed Fishing Festival on Farasan Island
