Local content tenders valued at SAR 800B until Q3 2024-end: Alkhorayef

11:19 AM (Mecca time) Argaam
Bandar Alkhorayef, Minister of Industry and Mineral Resources

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Bandar Alkhorayef, Minister of Industry and Mineral Resources, said the tenders to which local content mechanisms apply were valued at nearly SAR 800 billion from 2020 until the end of Q3 2024.
 
In a speech at the Local Content Forum, Alkhorayef explained that local content accounted for 47% of government procurements at the end of Q3 2024, up from 33% in 2020.
 
The Local Content and Government Procurement Authority (LCGPA) aimed to enable national industries by introducing 1,100 new products to the mandatory list to date. This step helped direct SAR 87 billion in national spending to local products from early 2022 to Q3 2024-end.
 
These endeavors led to a rise of 1,437 factories in the total number of mandatory list plants to reach 6,100.

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