RIYADH — Following the Council of Ministers’ decision last month, the appropriate Saudi government organizations stated on Saturday that SR10 billion would be allocated to activate the Standard Incentives Program for the industrial sector. This program aims to increase Saudi industry’s competitiveness internationally while facilitating industrial investments, promoting their expansion, and achieving sustainable industrial development in the Kingdom.
In a joint event, the Ministry of Industry and Mineral Resources and the Ministry of Investment provided an overview of the main features of this recently introduced incentives package. The ceremony was attended by Prince Abdulaziz bin Salman, Minister of Energy; Khalid Al-Falih, Minister of Investment; Dr. Hamad Al-Sheikh, Minister of State and Member of the Cabinet; Bandar Alkhorayef, Minister of Industry and Mineral Resources; Faisal Alibrahim, Minister of Economy and Planning; and numerous other ministers, senior officials, and executives from significant domestic and international corporations.
Up to 35% of the original project investment is covered by the Standard Incentives Program, with a ceiling of SR50 million for each eligible project. Half of the support is given during the construction phase and the other half during the production phase, distributing it equally throughout the project lifecycle. This program will be implemented in phases, with the first phase focusing on investments in machinery and equipment, automotive manufacture and parts, and revolutionary chemical sectors. In later stages of 2025, more industry segments are expected to be revealed.
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