Saudi Arabia allocates $2.66bn to activate Standard Incentives Program for the industrial sector

RIYADH: Saudi Arabia announced the allocation of SR10 billion ($2.66 billion) to activate the Standard Incentives Program for the Industrial Sector, followed by approval from the Council of Ministers last month.

The announcement was made during the Standard Incentives for the Industrial Sector event on Jan. 11.

This initiative seeks to spur growth in the industrial sector by accelerating investments and achieving sustainable industrial development in the Kingdom to elevate the competitiveness of Saudi industries globally.

Developing the industrial sector is crucial for Saudi Arabia as the Kingdom, under its Vision 2030 program, is pursuing an economic diversification journey by reducing its dependence on oil revenues.