Saudi energy ministry to ink deal to support 100 local companies: official

Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources is set to sign an agreement today to support 100 local companies in order to increase their productivity, Abdulaziz Al-Abdulkarim, Deputy Minister of Energy, Industry and Mineral Resources for Industry said.

“As part of the Kingdom’s measures to support investment, tax holidays will be provided to value parks, as well as import duty exemptions,” Al-Abdulkarim said on the sidelines of the launch ceremony of the National Industrial Development and Logistics Program (NIDLP).

“Efforts to support investment are led by the energy ministry, in cooperation with major companies such as Saudi Aramco and Saudi Basic Industries Corp (SABIC), as well as key government agencies such as Saudi Arabian General Investment Authority (SAGIA),” he added.

A comprehensive investment-supporting scheme will be shared with the industry upon completion, Al-Abdulkarim further noted.