Riyadh – Sharikat Mubasher: Saudi Arabia aims to attract at least SAR 220 billion in investments by 2035 through the development of specialized industrial complexes focused on manufacturing heavy machinery and equipment.

The plan, outlined by Khalil Ibn Salamah, Deputy Minister of Industry and Mineral Resources for Industrial Affairs, in an interview with Asharq Business, is part of the Kingdom’s strategy to localize key industries and reduce the high cost of importing essential technologies.

Ibn Salamah emphasized the importance of transferring technology and building local manufacturing capabilities, particularly in sectors such as oil and gas equipment and chemical processing machinery. He added that the government also considers the electronics and light equipment sectors a strategic priority, targeting investments of no less than SAR 12 billion in that area.

To support this vision, the Ministry of Industry has launched the second phase of its standardized incentive program for investors. Originally limited to three sectors, the scheme now covers all targeted industries. Under the program, qualifying investors are eligible for up to SAR 50 million in support or 35% of their total project cost.