https://arab.news/9jxye
- Revision will enable investors to secure permits before finalizing spatial allocations
- A new model for customs exemptions has been introduced, reducing the decision timeframe to 48 hours
RIYADH: A revised investment licensing system and a new app are part of a series of initiatives announced by the Federation of Saudi Chambers of Commerce to strengthen the Kingdom’s industrial sector.
Announced at an open meeting organized by the group and represented by the National Industrial Committee, the revision will enable investors to secure permits before finalizing spatial allocations, according to the Saudi Press Agency.
Other initiatives include directing investments to optimal locations based on their advantages, developing an industrial platform with new services, and launching an industrial app for easier access to services and incentives.
A new model for customs exemptions has also been introduced, reducing the decision timeframe from 12 days to 48 hours.
These developments underscore the industrial domain’s pivotal role in Saudi Vision 2030, highlighting the strategic steps taken to advance and support the sector’s growth.
During the event, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said that advanced industries, such as automotive and aviation, are central to the sector’s projected expansion.
He also said that an industrial council has established specialized authorities for machinery, automobiles, and aircraft, in addition to addressing and resolving relevant issues.
“We are working on building industrial capabilities and have cooperation with a number of companies, like Boeing and Embraer, to manufacture aircraft parts within the Kingdom,” the deputy minister said.
Salamah highlighted key government projects, such as the Future Factories Program — an initiative to transform 4,000 factories in the Kingdom, and safeguarding supply chains in the food and petrochemical sectors.
He said the objectives include increasing the number of factories in the Kingdom to 36,000 by 2035, boosting industrial exports six-fold, and tripling investments to SR1.3 trillion ($346 billion), the SPA report added.
The goal is to shift focus toward advanced industries, enhance the competitiveness of the national sector, and enable investors to fully leverage all initiatives.
According to Fayez Al-Shaili, vice president of the FSC, the industrial sector’s importance is underscored by its notable advancements and incentives.
Ibrahim Al-Sheikh, chairman of the National Industrial Committee, highlighted the sector’s progress, attributing it to the support of the Saudi leadership, reported SPA.
He said the sector now contributes approximately SR340 billion to the national gross domestic product, accounting for 10 percent.
Al-Sheikh also said that industrialists have positively embraced the government’s decision to waive financial fees, leading to a 57 percent increase in employment and a 32 percent boost in localization.
This supportive environment has also driven growth in investments and the establishment of new factories within the industry.
The Ministry of Industry and Mineral Resources reviewed the national industrial strategy’s directions and target investment volume, which is expected to exceed SR979 billion, reported SPA.
This includes 12 economic sectors, including aircraft, automobiles, food industries, and petrochemicals, as well as key enablers and stakeholders in export, financing, infrastructure, digitalization, and industrial sustainability.