Government incentives spurring growth in industrial investment

Government incentives spurring growth in industrial investment
Updated 28 December 2012

Government incentives spurring growth in industrial investment

Government incentives spurring growth in industrial investment

Commerce and Industry Minister Tawfiq Al-Rabiah yesterday emphasized the government’s efforts to strengthen the country’s industrial sector by offering incentives to Saudi and foreign investors.
“The Kingdom’s industrial cities are attracting leading projects in various fields. There is a substantial increase in industrial investment as a result of government support,” the minister said after launching a number of projects in the Second Industrial City in Riyadh.
Saleh Al-Rasheed, acting director general of Saudi Industrial Property Authority (Modon), said the second industrial city currently accommodates a number of international companies including factories of ABB and Henkel.
Established in 1976, the second industrial city, located south of Riyadh, is spread on an area of 18 million sq. m.
He urged industrialists and investors to make use of the facilities and incentives offered by Modon. “We offer attractive infrastructure facilities for businessmen,” he added. Industrial cities play a big role in creating more job opportunities for Saudis.
The minister opened a factory of the International Refreshment Company (Tropicana) in the presence of Al-Rasheed and other ministry officials. The new factory, spread on an area of 50,000 square meters, supplies beverages and juices.
Al-Rabiah launched the expansion projects of Al-Jeraisy Furniture Factory that supplies office furniture. Covering an area of 45,000 square meters, the factory was established at a total cost of SR 65 million.
He opened the expansion project of Saudi Ceramics Company, which has been listed on the Saudi bourse. The company’s factories cover an area of 270,000 square meters.
Al-Rabiah visited Abdullatif Industrial Investment Company’s factory that produces carpets and blankets. The factory is spread on an area of 84,000 sq. m. The company has a capital of SR 825 million.
He also visited the Higher Institute for Plastic Industries that was established in 2008 to train Saudis. He later visited Al-Sharq Packaging Factory, which was established at a cost of SR 300 million. About 70 percent of its products are exported to 76 countries.
Al-Rasheed suggested that Modon is constantly working to support strategic industries that develop and manufacture basic products those were not manufactured in the Kingdom, and the investment in the automotive industry in the Kingdom is no longer a dream within modern economic orientation.