The proportion of local content in Saudi government projects has grown significantly, rising from 33% in 2020 to approximately 47% by the end of the third quarter of this year. This progress was announced by Minister of Industry and Mineral Resources Bandar Al-Khorayef during a ministerial session titled, Future Trends in Light of Vision 2030, at the second edition of the Local Content Forum 2024.
Tourism Minister Ahmed Al-Khateeb emphasized that tourism is a cornerstone of Vision 2030, stating: “We aim to localize investment spending with the support of national institutions.”
He also outlined plans to increase the tourism sector’s contribution to the national economy from 3% in 2019 to 10%.
Al-Khateeb underscored the collaborative efforts underway with the private sector to develop the tourism industry.
For his part, Investment Minister Khalid Al-Falih highlighted that local content policies have been integral to the state’s strategy since its founding. He stressed that enhancing the competitiveness of local companies plays a vital role in advancing localization efforts.
Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail stated that increasing local content is part of a long-term plan, noting that 70% of home construction technologies are now manufactured locally.
In turn, Economy and Planning Minister Faisal Al-Ibrahim explained that boosting local content helps drive economic growth. He emphasized that import substitution presents a valuable opportunity to support domestic products and balance trade.
