Alkhorayef: Al Kharj Has Many Opportunities to Attract Investments
Bandar bin Ibrahim Alkhorayef, the Minister of Industry and Mineral Resources, highlighted Al Kharj‘s significance in Saudi Arabia’s industrial landscape. Since the establishment of the General Corporation for Military Industries by King Abdulaziz, Al Kharj has been a strategic military industrial hub. It offers expansion opportunities, especially in sectors boosting local content.
The region also experienced a unique agricultural revolution, becoming a major agricultural and food production area. It’s home to major agricultural companies like Almarai, Nadec, Al Safi, and Arasco, and hosts the Food Industries Institute.
Al Kharj Industrial Forum, Investment Attraction
Speaking at the “Al Kharj Industrial Forum”, sponsored by Prince Faisal bin Bandar bin Abdulaziz, Al Kharif pointed to Al Kharj Industrial City. This city is an ideal environment for attracting investments. It spans 24 million square meters and houses about 500 factories. The total investment exceeds five billion Riyals. The city supports diverse industrial activities, including food, pharmaceuticals, chemicals, renewable energy, metals, machinery, and equipment.
Saudi Arabia’s Strategic Industrial Shift
The Minister emphasized Saudi Arabia’s strategic shift towards industry. This shift utilizes the nation’s natural resources, geographic location, investment, and human capacities. Moreover, the leadership’s support was evident in the launch of the National Industrial Strategy by Crown Prince Mohammed bin Salman. This strategy aims for a competitive, sustainable industrial economy. By 2030, it targets to triple the industrial GDP to 895 billion Riyals, increase industrial exports to 557 billion Riyals, and offer over 800 investment opportunities worth a trillion Riyals. This focuses on 12 strategic industrial sectors where Saudi Arabia has growth and competitive opportunities globally and regionally.
Vision and Strategies for Industrial Advancement
The ministry is actively working, guided by wise leadership and ongoing support. It integrates with other national strategies to elevate the Kingdom’s rightful place on the global industrial map. Additionally, this goal involves building an industrial sector founded on the fourth industrial revolution, technology, and innovation. It’s a key objective to uplift the national industry and localize industries. This strategy aims to maximize economic impact, develop and grow local content, and create competitive local products in global markets. The contribution of industrial enterprises in supporting the national economy is also a national focus. Additionally, the Kingdom is leveraging its strengths, including a well-equipped industrial infrastructure across 40 industrial cities.
Industrial and Mineral Wealth System
To achieve these directions, the industrial and mineral wealth system, along with local content, has introduced over 75 enablers and incentives. These are designed to support the industrial sector and encourage investment. This system also encompasses a wide range of products supported by various tools to enhance local content. Local content policies have increased demand for national products. Since 2023, local content regulations have been applied to state-owned companies and major projects.
Collaboration with Private Sector
“The Khareef” highlights the reliance on the role of commercial chambers in assisting the ministry and its system. They help in reaching the private sector and explaining available support and opportunities. This includes local content and various financing methods, like funding for small investors offered by the industrial fund. There is a keen interest in working with commercial chambers to emphasize the importance of these opportunities and incentives. Listening to the private sector’s challenges is crucial to overcome them in future programs.
Strengthening Sector Strategies with National Resources
In conclusion, the sector’s direction is bolstered by the nation’s strengths, diversity, and abundance of natural resources. These resources will contribute to achieving our targets and enhancing our core mission of facilitating investment in the industry. The sector also plays a strategic role in diversifying the economic base and is crucial in achieving numerous national objectives.
Related Topics
KSA Launches AI Center of Excellence for Manufacturing & Mining
Saudi Participates in African Mining Indaba in Cape Town
Robot Used in Mining Showcased at Future Minerals Forum – Video
