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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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20 Tech Companies Listed on Tadawul with a Value Exceeding $39 Billion

Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
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20 Tech Companies Listed on Tadawul with a Value Exceeding $39 Billion

Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)

Raed Al-Fayez, Deputy Governor of the Communications, Space, and Technology Commission for the Technology Sector, revealed that the number of tech companies listed on the Saudi stock market has grown to 20 in 2023, with a market value of around SAR 148 billion ($39.5 billion). This marks a significant increase from just two companies in 2020.

Speaking on Wednesday at the opening presentation of the fourth edition of the Digital Technology Forum under the theme, “Integration for a Sustainable Digital Future,” Al-Fayez noted that Saudi Arabia’s tech sector market size reached approximately SAR91 billion ($24.3 billion) in 2023, making it the largest in the region.

He added that the key enablers in the sector include a supportive investment environment, enabling regulatory frameworks, the availability of talents and expertise, and a renewed digital infrastructure.

Al-Fayez further highlighted that Saudi Arabia leads the region in venture capital investments, with a value of $1.4 billion, providing financial support for ideas and entrepreneurs. By mid-2023, the Kingdom ranked first in the region and second globally among emerging markets in venture capital funding.

He also mentioned that the Saudi tech sector boasts the largest workforce in the region, with 360,000 employees by the second quarter of this year, specializing in various fields. Women make up 35% of this workforce, a rate higher than the European Union average, the G20, and even Silicon Valley.