Minister of Commerce and Industry Dr. Tawfiq bin Fawzan Al-Rabiah stressed the Kingdom's keenness to provide an attractive environment for industrial investments by providing a system of incentives and facilities that are considered the best in the region, providing industrial lands at nominal rents and loans from the Industrial Fund up to 75% of the capital, a repayment period of 20 years, electricity prices that are the lowest in the region, guarantee and financing of exports, and customs exemptions for raw materials and machinery, for a competitive industry and balanced development in all regions, describing the investment environment in the Kingdom as very encouraging. The ministry is interested in launching a package of initiatives to make the Kingdom a hub for advanced industries in the region.

Mukhawk against encroachment on commercial lands

During the “Fourth Industrial Opportunities Forum” organized by “Cities” yesterday under the title ”Industrial Integration Promising Opportunities for Pioneers and Entrepreneurs“, Al-Rabeeah indicated his concerns about the return of commercial investment in industrial lands with the great availability of industrial lands, calling on everyone to use them in industrial investment.

He explained that there are industrial lands in more than 20 locations and the authority is still seeking to develop and provide the best,” pointing out that MODON is currently seeking to provide cities with integrated services in terms of housing, schools and hospitals to provide an integrated industrial environment.

Active participation of national companies in international forums

The Minister of Commerce revealed the Kingdom's participation in the food exhibition to be held in Britain next April with the participation of 60 Saudi companies, indicating that this participation is the largest in the level of the Kingdom's participation abroad. He added : We had the participation of 130 Saudi companies in Dubai in the past months and the aim is to inform the world about the development of the industry in our country.

Supporting emerging and medium enterprises

Al-Rabiah stressed the importance of supporting small and medium enterprises in addition to the importance of industrial development in the Kingdom, stressing the need to pay attention to diversifying sources of income for young people who want to invest in industry, expecting to present industrial opportunities during the forum and described these opportunities as feasible

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Rabiah also stressed the importance of supporting startups and medium-sized enterprises in addition to the importance of industrial development in the Kingdom.

6871 factories and one trillion riyals

The minister revealed that the Kingdom, represented by the Export Authority, is targeting certain countries with the aim of increasing exports to them, expecting that this step will help in the development of Saudi industry, pointing to the increase in the number of factories in the Kingdom, which reached 6871 factories with an estimated investment of one trillion riyals and 935 thousand people working in these factories.

Industrial incubators to develop the industrial sector

For his part, the Director General of the Industrial Cities Authority, Engineer Saleh Al-Rasheed, explained that the Authority has a strategy between entrepreneurs and industrial opportunities to provide the appropriate needs to cover our industries.

Al-Rasheed said that the Authority will focus this year on introducing entrepreneurs and women entrepreneurs and women-oriented investments, while the Authority worked on establishing ready-made factories and started establishing industrial incubators to develop the industrial sector, whether it is light or medium industries that are considered environmentally friendly.

Awarding electricity contracts to the most “Saudized” contractors

. Khalid Al-Ghamdi, director of the Saudi Electricity Company's electricity localization project, revealed that the company is working on awarding contracts to local contractors with the highest percentage of Saudization of national labor and the use of locally manufactured materials, pointing out that there is a policy to incentivize local factories and priority in purchasing over their foreign counterparts by 10%.

Also, there is a policy to incentivize local factories and priority in procurement over their foreign counterparts by 10.