A gathering of the business sector and companies in Saudi Arabia estimated the volume of contracts targeting local content purchases in the private sector to exceed 100 billion riyals ($26 billion).
The Federation of Saudi Chambers, represented by the National Committee for Local Content, in cooperation with the Local Content and Government Procurement Authority, held two workshops on Friday with the Saudi Electricity Company and the Saudi Basic Industries Corporation (SABIC), in the presence of a number of national companies.
The workshops presented investment and localization opportunities, as part of the efforts and initiatives of the Local Content Coordination Council, which seeks to support the aspirations of the Kingdom’s Vision 2030 to enhance local content in various sectors, by localizing the production of goods and services and raising their competitiveness.
SABIC explained that the investment opportunities that fell within its Nusaned initiative to enhance local content contributed approximately SR 6.1 billion ($1.6 billion) to GDP.
For its part, the Saudi Electricity Company said that its strategy to localize the electricity industries promoted support for local manufacturing, and included three initiatives to raise the percentage of localization in the company’s projects.
Saudi Electricity noted that the volume of future demand for purchases and contracts was expected to reach 100 billion riyals, which it said constituted a promising investment opportunity for national companies and support for the localization of the industry.