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176 Industries Localized in Saudi Arabia with Investments Exceeding $34 Billion

176 Industries Localized in Saudi Arabia with Investments Exceeding $34 Billion

Monday, 5 December, 2022 - 10:45
Saudi Arabia is seeking to localize various industries, which will reflect positively on the country’s gross domestic product. (Asharq Al-Awsat)

The Saudi Local Content Coordination Council revealed that the value of opportunities that were developed and launched in the Kingdom during the past year, with the aim to increase local content, reached about 24.8 billion riyals ($6.6 billion).


In parallel, 176 industries were localized in three years from 2019 to 2022 with an investment value amounting to SR128 billion.


The announcement came during the sixth meeting of the Local Content Coordination Council, headed by Bandar Alkhorayef, Chairman of the Board of Directors of the Local Content and Government Procurement Authority.


The percentage of the procurement index of domestic goods amounted to 69.25% from the total spending on goods in 2021, according to the council.


It added that the value of the opportunities which were developed and launched in order to increase the local content reached SR24.8 billion.


The council also stressed that the percentage of local content reached 45.8% of the total expenditure on member companies’ purchases of goods and services in 2021.


The council was established to lead the process of developing local content under the Local Content and Government Procurement Authority, and unify the efforts of the relevant government agencies and major national companies.


It also promotes strategic partnerships with major companies based on specific criteria.


The council held its sixth meeting in the presence of Abdulrahman bin Abdullah Al-Samari, CEO of the Local Content and Government Procurement Authority, along with representatives of board members from the Ministries of Energy, Industry and Mineral Resources, Saudi Aramco, SABIC, Maaden, the Saudi Electricity Company, and the STC Group, as well as the General Organization of Saudi Arabian Airlines, and the Federation of Saudi Chambers.


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