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Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
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Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, met on Monday with Prime Minister of India Narendra Modi at the Hyderabad House in New Delhi to discuss ties and cooperation in various fields, and to review regional and international topics of common interest.

At the Saudi-Indian Strategic Partnership Council that he later attended, Crown Prince Mohammed thanked the president for the warm welcome, highlighting the long-standing relationships India has with the Arab world, particularly with Saudi Arabia, and the cooperation that helps the two sides build a brighter future.

"There has been no dispute throughout this relationship's history, but certainly, there is cooperation to build the future for our countries and create opportunities," he said, hoping that the items and promising targets on the agenda of the Council will be brought to fruition through collaboration in all sectors.

The Crown Prince praised the Indian government for "managing the G20 file", and the initiatives adopted by the G20, "including the establishment of the economic corridor connecting India, the Middle East and Europe", many of which "have become a reality through our hard work and dedication".

He also commended the Indian community, which constitutes 7% of the population of Saudi Arabia, for its significant contribution to the economic growth of the Kingdom, saying that "we consider them a part of us. Through this council, we hope to meet the aspirations of our peoples."

For his part, Modi said he is looking forward to strengthening the partnership with Saudi Arabia in various fields.

Taking part in the Strategic Partnership Council's meeting were Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, Minister of State, member of Cabinet, and National Security Adviser Dr. Musaed bin Mohammed Al-Aiban, and Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi.

The meeting also included Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley, Minister of Investment Eng. Khalid Al-Falih, Minister of Finance Mohammed Al-Jadaan, Minister of Communications and Information Technology Eng. Abdullah Al-Swaha, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, Advisor at the Royal Court Muhammad bin Mazyad Al-Tuwaijri, the Crown Prince's Secretary Dr. Bandar bin Obaid Al-Rasheed, and Saudi Ambassador to India Saleh bin Eid Al-Hussaini.

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Saudi Arabia Allocates SAR10 Billion to Activate Standard Incentives Program for Industrial Sector

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)
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Saudi Arabia Allocates SAR10 Billion to Activate Standard Incentives Program for Industrial Sector

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. (SPA)

Saudi Arabia announced on Saturday the allocation of SAR10 billion to activate the Standard Incentives Program for the industrial sector, following approval by the government in December. The initiative seeks to enable industrial investments, spur their growth, and achieve sustainable industrial development in the Kingdom, while elevating the global competitiveness of Saudi industry.

The Ministry of Industry and Mineral Resources and the Ministry of Investment outlined key details of this newly launched incentives package during a ceremony attended by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz; Minister of Investment Khalid Al-Falih; Minister of State and Member of the Council of Ministers Dr. Hamad bin Mohammed Al Al-Sheikh; Minister of Industry and Mineral Resources Bandar Alkhorayef; Minister of Economy and Planning Faisal Alibrahim; and several other ministers, senior officials, and leaders from major local and global companies.

The Standard Incentives Program offers coverage of up to 35% of the initial project investment, capped at SAR50 million for each qualifying project. The support is divided evenly across the project lifecycle, granting 50% during the construction phase and 50% during the production phase.

The program will be introduced in successive phases, with the first targeting investments in transformative chemical industries, automotive manufacturing and parts, and machinery and equipment. Further industry segments are slated for announcement in subsequent phases throughout 2025.

AlKhorayef emphasized that the Standard Incentives Program is the first of its kind in the region, and that it aims to promote the manufacture of products not currently produced in the Kingdom.

The program opens new horizons for high-value industrial investments, accelerates their pace, and ensures their long-term sustainability. It enables both Saudi and international investors to harness the Kingdom’s unique advantages, including its strategic geographic location that links three continents, its open market, and low customs tariffs, he added.

He underscored that the Standard Incentives Program focuses on achieving localization and local content targets as core drivers of sustainable development. By empowering industries that enhance the use of national resources and bolster reliance on Saudi talent, the program contributes to reducing imports and strengthening the balance of payments.

“These incentives were developed through an exceptional effort of governmental collaboration across diverse agencies, particularly the Local Content and Balance of Payments Committee, chaired by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, which played a pivotal role in formulating policies and directing initiatives that support industrial investments and national manpower,” AlKhorayef remarked.

Al-Falih highlighted that the Standard Incentives Program is a significant step toward realizing the ambitions of Vision 2030 and the National Investment Strategy, both of which aim to attract and expand industrial investments while boosting the competitiveness of Saudi industry.

These incentives will accelerate the emergence of new industrial facilities across the entire value chain, thereby offering investors stronger, faster, and more cost-competitive local supply chains, he explained.

Emphasizing the close partnership with the Ministry of Industry and Mineral Resources, he said he was optimistic over building a robust and diversified industrial base that serves domestic and regional markets.

The incentives, in their current form, are expected to energize the industrial movement in the Kingdom, continued the minister. Projections indicate the program could generate an estimated SAR23 billion annually in GDP from the targeted projects, extending its impact beyond the creation of a solid industrial foundation.

During the official launch ceremony, a range of investment opportunities in the targeted sectors was introduced to domestic and international firms. The event featured a ministerial panel discussion and workshops that examined how these incentives can shape the future of Saudi industry, enhance its global leadership, and make the Kingdom’s industrial sector more attractive to both local and foreign investors. The discussions also underscored how the program contributes to the key objectives of the National Industrial Strategy and the National Investment Strategy.

The Standard Incentives Program aligns with the Vision 2030 goals for the industrial sector by focusing on promising fields such as transformative chemicals, aviation, automotive, food, medical devices, pharmaceuticals, and machinery and equipment. These efforts underscore Saudi Arabia’s commitment to achieving integrated and sustainable economic diversification.