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Saudi Industry Minister Announces Near Launch of Bank of Exports

Saudi Industry Minister Announces Near Launch of Bank of Exports

Tuesday, 18 February, 2020 - 10:30
Prince of Eastern Region, Saud bin Nayef launching ‘Bridging’ initiative (Asharq Al-Awsat)
Dammam- Asharq Al-Awsat

Saudi Arabia will soon announce a bank of exports which will establish industrial clusters that contribute to the growth of the Kingdom’s industrial sector, announced Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef.

Khorayef was speaking during the launch of ‘Bridging’ initiative to boost local content in the Asharqia Chamber at the headquarters in Dammam.

The Minister explained that the bank promotes industrial clusters as a concept, stressing that these initiatives and entities will help the industrial sector grow and achieve the desired results.

The Minister indicated that the government depends on the industrial sector to diversify the economy and bring about real growth to achieve targeted development in the industrial and mining sectors.

Khorayef pointed out that the ministry wants to introduce modern technologies and help investors adopt technologies of the fourth industrial revolution.

He explained that the fourth industrial revolution is suitable for the Kingdom because the Saudi population structure depends on the youth and the state’s keenness to find possibilities that investors can adopt to develop their business.

Saudi Industrial Development Fund (SIDF) capital has been raised from $17.3 billion to $28 billion, said the Minister, adding that the fund designed financing programs that are not limited to fixed assets.

He emphasized that the fourth industrial revolution is one of the most progressive paths in which the Kingdom has achieved progress, starting from the ministry to its subsidiary bodies, such as the Saudi Exports Authority, Saudi Authority for Industrial Cities and Technology Zones (MODON), Royal Commission for Jubail and Yanbu, and others.

Prince of Eastern Region, Saud bin Nayef said the Kingdom has taken several steps towards enhancing local content and maximizing its economic impact which will contribute to achieving the goals of Vision 2030 and increase the size of the non-oil sector relative to GDP.

The Prince indicated that chambers of commerce have the opportunity to link between major companies and small and medium enterprises and find various initiatives to support and enhance local content. He added that they can hold various exhibitions, conferences, and meetings that support local content and the national industry.

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