Ministry of Industry launches incentives program for industrial sector

The Ministry of Industry and Mineral Resources launched today, Jan. 11, the standard incentives program for the industrial sector during a ceremony held in Riyadh this afternoon.

In a speech on the new program, minister Bandar Alkhorayef revealed allocating SAR 10 billion to activate the benchmark incentives aimed at achieving localization and local efficiency targets.

The minister added that these incentives will be launched in several phases and will cover 35% of an initial investment, with a maximum limit of SAR 50 million for each qualified project.

Alkhorayef also noted that 50% of incentives will be allocated during the construction phase, with the remainder to be allocated in the production phase. This initiative targets several key sectors, starting with aviation, automotive, and food industries in the initial stages.