Source: Davos – Alaa Al-Menshawi
In a statement on the sidelines of the World Economic Forum in Davos, Al-Khareef added, “We are working on launching the mining system soon, so that investors have a clear vision, especially since the sector’s investments are by their very long-term nature, so that they can take appropriate decisions.”
On the other hand, Bandar Al-Khareef emphasized the Kingdom’s focus on the Fourth Industrial Revolution, indicating that Saudi Arabia has the financial capabilities through which it can attract technology and employ it to support the industry.
The ministry has completed preparing the mining system, and it is under final review in the Shura Council to be ready for investors.
The autumn indicated that the Export Bank will be launched soon with a capital of 30 billion riyals.
He explained that the ministry is working on activating applications, and a geological survey, which is worth two billion riyals, we will sign a set of contracts that will start from now.
“One of the tracks that we are working on in the Ministry of Industry and Mineral Resources is to deepen the added value instead of exporting petrochemicals that have final products and manufacturing, especially including petrochemical and plastic products.”
Exempting the industrial sector facilities
Regarding the exemption of industrial sector facilities, Al-Khorayef said, “The decision to exempt for a period of 5 years was not taken in order to remain much, but to help invest in mechanization, and if the industries are not mechanized, we work with it by supporting Saudization and finding sustainable solutions.
The Saudi Cabinet decided last September that the state would bear for a period of 5 years the financial compensation prescribed for expatriate workers for industrial facilities licensed under an industrial license, starting from October 1, 2019.
He pointed out that Saudi Arabia is witnessing the opening of 50 to 70 factories per month.
The Ministry licensed to 196 new factories during the first 3 months only from the implementation of the decision that the state bears the financial compensation for expatriates in licensed industrial facilities.