In the presence of more than 700 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\u2019s commitment to providing an attractive environment for industrial investment by offering a system of incentives and facilitthat 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\u2014all of which enhance industrial competitiveness and development.<\/p>\n
Encroachment on Industrial Land<\/b><\/p>\n
\u00a0Al-Rabiah made these remarks during the \u00ab4th Industrial Opportunities Forum,\u00bb organized by the Industrial Cities Authority (MODON) last Tuesday under the title \u00abIndustrial Integration: Promising Opportunities for Male and Female Entrepreneurs,\u00bb to his concerns about commercial investment encroaching on industrial land, and noted that there are more than 20 sites that the Authority is seeking to develop and optimize.<\/p>\n
1,786 factories investing one trillion <\/b>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 increase in the number of factories in the Kingdom, which now stands at 6,871, with an estimated investment of one trillion riyals and employing 935,000 people. He also reaffirmed their support for youth-led and startup projects.<\/p>\n
Industrial Incubators for Development\u00a0<\/b><\/p>\n
For his part, Engineer Saleh Al-Rashid, Director General of the Industrial Cities Authority (MODON), explained that the Authority has a strategy that bridges entrepreneurs and industrial opportunities to provide the appropriate resources to support our industries.<\/p>\n
Al-Rashid stated that the Authority will focus this year on raising awareness among male and female entrepreneurs and promoting investments targeted at women, while it has worked to establish turnkey factories and has begun setting up industrial incubators to develop the industrial sector.<\/p>\n
Awarding Electricity Contracts and \u00abSaudization\u00bb<\/b><\/p>\n
Meanwhile, Khalid Al-Ghamdi, director of the Electricity Industries Localization Project at the Saudi Electricity Company, revealed that the company is working to award contracts to local contractors with the highest rates 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 ratio of 10%.<\/p>\n
During its four sessions, the forum highlighted numerous industrial opportunities and hosted a series of panel discussions. The first session addressed \u00abWomen\u2019s Investment in Industry,\u00bb during which the government\u2019s efforts to leverage women\u2019s 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\u2019s program also included a presentation on \u00abA New Approach to Developing Successful Businesses and Industries,\u00bb 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.<\/p>","protected":false},"excerpt":{"rendered":"
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