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Saudi Arabia launches initiative to stimulate investment in local industrial sector

Saudi Arabia launches initiative to stimulate investment in local industrial sector
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Riyadh – Mubasher: Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al Khorayef, announced launching an initiative to encourage the local industry with the aim of stimulating investment in the industrial sector and increasing local content contribution.

The initiative further aims to improve operational efficiency, production capacity, and competitiveness of local factories, according to a statement on Monday.

Targeting suppliers, the initiative is comprised of two sub-initiatives, including the future factories programme. This sub-initiative will move a total of 4,000 factories away from relying on low-skilled labour to instead operational efficiency, automation, and application of advanced industrial solutions and practices.

The second sub-initiative encourages promising factories to develop innovative investment and financing tools that lower personal guarantees and the financial solvency requirements necessary to obtain financing, enabling entrepreneurs to start their own industrial activities.