Local content rate surges to 43% in Saudi Arabia, with a 20% jump in spending

Local content rate surges to 43% in Saudi Arabia, with a 20% jump in spending

RIYADH — Abdulrahman Al-Samari, CEO of the Local Content and Government Procurement Authority, said that the growth rate of local content in Saudi Arabia has now reached 43 percent. The spending on content has increased by 20 percent. This is in addition to activating signed agreements to serve companies operating in the Kingdom, he said. Al-Samari made the remarks while addressing a dialogue session at the PIF Private Sector Forum in Riyadh on Wednesday. The dialogue session is titled “Supporting local content to empower the private sector.” Those who addressed the session also included Ma’aden CEO Robert Wilt, Managing Director of Cisco Salman Faqeeh, and Director of the National Development Division at the Public Investment Fund Jerry Todd. On its second day, the PIF Forum discussed the importance of empowering the private sector, exchanging experiences and expertise, developing job skills, and empowering the private sector through supportive programs, supporting digital transformation, cloud services, artificial intelligence, and the latest cybersecurity technologies. Speakers at the session explained that local content is linked to the Kingdom’s Vision 2030, and spending on content has increased by 20 percent. They stressed that 30 percent out of 70 companies have completed setting their local policy to achieve