In the presence of more than 700 business leaders, entrepreneurs, major industrial companies, startups, and a number of officials, the Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah, affirmed the Kingdom’s commitment to providing an attractive environment for industrial investment by offering a system of incentives andfacilities that are considered the best in the region in terms of the availability of industrial land at nominal rents and favorable loans, as well as export guarantees and financing, and customs exemptions—all of which enhance industrial competitiveness and development.
Encroachment on Industrial Land
Al-Rabiah noted during the «Fourth Industrial Opportunities Forum,» organized by the Industrial Cities Authority (MODON) last Tuesday under the title «Industrial Integration: Promising Opportunities for Male and Female Entrepreneurs,» expressed his concerns about commercial investment encroaching on industrial land. He noted that the Authority is seeking to develop more than 20 sites to provide the best possible conditions.
1,786 factories investing one trillion The minister revealed that the Kingdom, represented by the Export Authority, is targeting specific countries with the aim of increasing exports to them, noting the rise in the number of factories in the Kingdom, which has reached 6,871, with an estimated investment of one trillion riyals and employing 935,000 people. He affirmed their support for youth projects and startups.
Industrial incubators for development
For his part, Engineer Saleh Al-Rashid, Director General of the Industrial Cities Authority (MODON), explained that the Authority has a strategy linking entrepreneurs with industrial opportunities to provide the appropriate resources to support our industries.
Al-Rashid noted that this year the Authority will focus on introducing male and female entrepreneurs and investments targeted at women, while it has worked to establish turnkey factories and has begun setting up industrial incubators to develop the industrial sector.
Awarding Electricity Contracts and «Saudization»
Meanwhile, Khalid Al-Ghamdi, project manager for the localization of the electricity industry at the Saudi Electricity Company, revealed that the company is working to award contracts to local contractors with the highest percentage of national workforce localization, and the highest percentage of locally manufactured materials, noting that there is a policy to incentivize local factories and give them priority over foreign counterparts in procurement at a rate of 10%.
During its four sessions, the forum reviewed numerous industrial opportunities and held panel discussions. The first session addressed "Women’s Investment in Industry," during which the state’s efforts to leverage women’s expertise and capabilities in the industrial sector were reviewed. The second session examined opportunities for industrial investment integration, while the third session highlighted opportunities for the localization of the food industry, while the fourth session examined the role of financial institutions in supporting industrial projects. The forum’s program also included a presentation on "A New Approach to Developing Successful Businesses and Industries," and a working paper on the role of the Saudi Industrial Development Fund in supporting small projects and streamlining their evaluation procedures, as well as bilateral meetings between investors and providers of industrial opportunities.
