According to a senior official, the mining and industry system in Saudi Arabia offers over 120 incentives and enablers to investors in the fields, allowing them to take advantage of bright prospects.
The Saudi Press Agency reports that Minister of Industry and Mineral Resources Bandar Alkhorayef said these catalysts also help investors overcome obstacles on their business path during a meeting with investors at the Najran Chamber.
As one of the more potential outlying areas, Alkhorayef stated in his address that the ministry’s Industrial Fund is concentrated on supporting the Najran region in particular, with financing rates up to 75% of the project size.
This is consistent with Saudi Arabia’s goal of making mining the primary industrial pillar of the nation’s economy. As of April 2024, the Kingdom’s mineral wealth was predicted to be worth SR9.4 trillion ($2.5 trillion).
During the meeting, the minister recognized that the Saudi Export-Import Bank facilitates the Kingdom’s exports and improves its access to international markets.
The national industrial strategy targets 12 sub-industrial sectors, some of which are dependent on the natural resources found in the region and offer lucrative prospects to investors due to the product’s comparative advantages and excellent quality.
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