Ministry of Industry aims to cut new project costs in Saudi Arabia

Bandar Alkhorayef, Minister of Industry and Mineral Resources, said that opening a factory in Saudi Arabia is now easier than opening a restaurant, thanks to the facilitated procedures.

In his speech today at the SME's Support Center, Alkhorayef explained that the ministry is working on slashing the costs of opening new projects in the Kingdom. He also highlighted that the Saudi Authority for Industrial Cities and Technology Zones (MODON) is providing ready-to-rent factories for investors to cut costs.

The ministry is promoting the industrial sector through the "Future Factories” program, which offers direct incentives, as well as low-cost loans and support for training and financing through the Saudi Industrial Development Fund (SIDF) for those starting their industrial journey.

There is also support for exports and various export incentives, along with financing for exporting clients through Saudi EXIM. He emphasized that the Local Content and Government Procurement Authority is one of the most important tools for any industrial investor, as it guarantees demand.

The minister also pointed out that there are significant opportunities in the mining sector, comparing the current developments in this sector to what happened in the petrochemical sector 50 years ago. Moreover, there is a focus on investing in the sector through geological surveys and exploration.