Saudi Arabia Pumps $80 Bn to Develop Local Content

Saudi Arabia Pumps $80 Bn to Develop Local Content

The estimated value of government competitions that meet the requirements of local content and localization amounted to $80 billion since the launch of legislation until the first half of 2022, announced Minister of Industry and Mineral Resources Bandar Ibrahim AlKhorayef.

He said that developing local content requires integrated work and concentrated efforts and cooperation of various government bodies, partners from the private sector, and society.

AlKhorayef, who is also chairman of the Board of Directors of the Local Content and Government Procurement Authority, was speaking at the Local Content Forum in Riyadh on Monday.

He indicated that the cabinet approved the formation of local content development teams in government agencies to ensure the unification of efforts and joint work with the authorities to achieve the goals.

About 270 teams have been formed to work on achieving the agenda in all government sectors amid efforts to create a stable and robust economy.

National factories

The minister disclosed that local content accounts for 46 percent of companies' total spending on goods and services for 2020, with an estimated value of $30.1 billion.

It came along with empowering national factories through the mandatory list of national products, with about 4,000 factories benefiting from it, with an impact of more than