Riyadh, November 4, 2024 – Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, presided over the fifth meeting of the Industrial Council’s second session on Sunday, bringing together representatives from the public and private sectors to address the pressing needs and challenges facing industrial investors in the Kingdom. This high-level meeting focused on strengthening the partnership between government and industry stakeholders, facilitating strategic discussions to enhance the country’s industrial sector.
Prominent attendees included Suhail bin Mohammed Abanmi, Governor of the Zakat, Tax and Customs Authority; Dr. Rumaih Al-Rumaih, Deputy Minister of Transport and Logistics; and Eng. Khalil bin Salamah, Deputy Minister of Industry and Mineral Resources for Industrial Affairs. These officials, along with private sector representatives, joined the meeting to address critical issues impacting the industrial sector and to discuss actionable solutions.
Minister Alkhorayef underscored the ministry’s commitment to alleviating challenges for industrial investors, including improving access to industrial lands, financing options, and workforce solutions. He highlighted ongoing efforts to streamline procedures and centralize regulatory processes to ensure a more efficient investment landscape. The ministry has introduced a single point of contact for investor applications, reducing administrative hurdles and expediting processes for potential and current investors.
A major topic was the Industrial Sector Competitiveness Program, launched in cooperation with the Ministry of Energy. This initiative is designed to support factories in transitioning from liquid fuels to more efficient energy sources, mitigating the financial impact of recent adjustments in energy and water pricing. The program aligns with broader national goals to enhance industrial efficiency and sustainability.
Key discussion points included leasing arrangements for industrial lands, investment contract regulations with leasing entities, logistical challenges within the sector, and financing solutions through government facility purchase programs. The council members explored these areas in-depth, seeking practical solutions to improve investor confidence and operational efficiency across the sector.
The Industrial Council serves as a collaborative platform for government agencies and private sector representatives to align on strategic priorities, identify solutions to sectoral challenges, and foster cooperative frameworks that will drive Saudi Arabia’s industrial development forward. Through initiatives like this, the Kingdom aims to create a supportive, transparent, and investor-friendly environment, reinforcing Saudi Arabia’s commitment to economic diversification and industrial growth.
