Saudi Arabia aims to attract 220 billion Riyals investment industry

Saudi Arabia aims to launch specialized complexes for the manufacture of machinery and heavy equipment to attract investments from at least 220 billion Riyale to 2035, according to Khalil Bin Salamah, Deputy Minister of Industry and Mineral Resources for Business Affairs. He explained in an interview with “Al -Sharq” that the goal is to localize the targeted industries and transfer their technologies in a way that reduces the large import account, and sets an example of this with oil, gas and chemical equipment. Bin Salama noted that the state also attaches importance to the electronic and light device industry and aims to attract investments in it, suggesting that the amount of investments in this sector will not be less than 12 billion Riyals. The Saudi Ministry of Industry has launched the second phase of the standard incentives for investors, expanded from three sectors, to include all the targeted sectors, to give the investor 50 million Riyals or 35% of the total cost of the project.