Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, has revealed the kingdom’s willingness to fund up to 75% of specific industrial projects as part of efforts to jumpstart industrial development.

This announcement was made during discussions with Qatari investors at the 52nd meeting of the Gulf Cooperation Council Industrial Cooperation Committee.

Alkhorayef emphasized Saudi Arabia’s untapped mining resources as a potential draw for global investors. In addition to funding support, he highlighted the country’s extensive infrastructure, including over 36 industrial cities with pre-built factories and long-term rental options.

The Minister emphasized the private sector’s pivotal role in propelling Saudi Arabia’s industrial ambitions. He highlighted that the National Strategy for Industry was developed in collaboration with private sector entities, highlighting the government’s confidence in its capacity to create opportunities across diverse industries.

During Alkhorayef’s visit to Doha, He also led the Saudi delegation in discussions on various initiatives, including the Gulf Industrial Excellence Award. 

The committee explored ways to unify support for the industrial sector across GCC countries to bolster economic growth and overcome shared challenges. Additionally, discussions focused on outlining a unified “Gulf national product” and its prospective standards.