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AlKhorayef to Asharq Al-Awsat: Incentives Offered to Empower Military Industries Investors

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)
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AlKhorayef to Asharq Al-Awsat: Incentives Offered to Empower Military Industries Investors

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef shared with Asharq Al-Awsat that there are direct incentives for investors in the country’s military industries.

These incentives cover loans, industrial purposes, local content in national products, pre-purchase contracts, and other support tools.

AlKhorayef emphasized the ministry’s collaboration with various entities and the General Authority for Military Industries (GAMI) to support the Kingdom’s growing military sector.

He revealed efforts to build a strong industrial base, focusing on key industries like iron, aluminum, advanced technologies, electronics, and advanced chemicals such as plastics.

The minister highlighted the joint efforts with the military system, creating opportunities for industries that serve both sectors. He confirmed the availability of specific incentives for military industries based on Saudi Arabia’s needs.

AlKhorayef also pointed out that the industrial system provides various incentives to empower investors, including financial support and other facilitative components.

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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)
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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)

Mohammad Yaqoub, Assistant Director General for Business Development at Kuwait’s Direct Investment Promotion Authority (KDIPA), announced that Kuwait is actively working to boost investments in emerging sectors such as the management of government facilities, hospitals, and ports, including Mubarak Al-Kabeer Port.

He added that his country is collaborating with Saudi Arabia on joint projects, notably the development of a railway linking the two nations.

Speaking at the 28th Annual Global Investment Conference in Riyadh, Yaqoub highlighted the 650-kilometer railway project, which is expected to cut travel time between Saudi Arabia and Kuwait to under three hours. He clarified that this initiative is separate from the broader GCC railway network under development.

The official further emphasized Kuwait’s commitment to offering streamlined processes and incentives to attract foreign investment in critical sectors such as oil and gas, healthcare, education, and technology.

Since January 2015, the Gulf country has attracted cumulative foreign investments valued at approximately 1.7 billion Kuwaiti dinars ($5.8 billion). During the 2023–2024 fiscal year, KDIPA reported foreign investment inflows amounting to 206.9 million Kuwaiti dinars ($672 million).

Yaqoub stressed that KDIPA is focused on creating an investor-friendly environment by offering flexible incentives to attract international companies. He noted Saudi Arabia’s achievements in this area and highlighted his country’s efforts to provide comparable benefits to foreign investors.

He also expressed optimism about the potential for growth in foreign investments in Kuwait, emphasizing their role in advancing economic development in line with the United Nations’ Sustainable Development Goals (SDGs).

Yaqoub also underscored the strong synergy between the Kuwaiti and Saudi markets, which he said will help accelerate economic progress across the region.