Riyadh: Minister of Investment Khalid Al-Falih emphasized the significance of local content as a crucial factor in transforming Saudi Arabia’s economy from a rentier model to a thriving one. Al-Falih articulated that local content serves as a key pillar of the Kingdom’s Vision 2030, acting as a catalyst for enhancing the competitiveness of the economy and companies across various sectors, including industry, agriculture, energy, municipalities, and tourism.

According to Saudi Press Agency, the minister’s remarks were made during his participation in a dialogue session titled “Future Trends for Local Content in Light of the Kingdom’s Vision 2030.” This session was part of the Local Content Forum 2024, which took place in Riyadh. Al-Falih outlined that Vision 2030 aims to develop and diversify the economy while increasing quality opportunities to ensure both local and international sustainability and competitiveness. He also reviewed global success stories where the emphasis on local content has led to increas
ed sectoral contributions and global leadership.

Furthermore, Al-Falih underscored the initiatives under the National Investment Strategy, such as special economic zones, regional headquarters, and the Shareek Program, which are designed to encourage and facilitate investment in the Saudi market. These initiatives aim to create an attractive investment environment, promote high-quality global investments, strengthen the national economy, and generate more job opportunities.

He also disclosed that through the “GSCRI” initiative, 95 deals are currently being negotiated, with an investment value surpassing SAR100 billion, highlighting the ongoing efforts to boost local and international investment in Saudi Arabia.