(MENAFN - Arab News) Minister of Commerce and Industry Tawfiq Al-Rabiah yesterday highlighted investment opportunities in the five most lucrative industrial sectors in the Kingdom.
Addressing the Saudi Industrial Property Authority's forum, entitled "O5 Investment Opportunities in Five Industrial Clusters," at the Dammam Sheraton yesterday, Al-Rabiah said: "The industrial cities are aimed at creating job opportunities, especially for Saudis, and to create an alternate source of revenue for the Kingdom."
According to him, the incentives that are being offered for industrial investment in the Kingdom are among the most attractive locally and internationally. "They are good both for the private and public sectors," he said.
Al-Rabiah said the Kingdom was providing industrial land at very competitive rental rates. "We are charging only one riyal for one meter every year ... this is among the lowest in the region," he said. "We also have power tariff at very competitive rates, plus the funding for exports is guaranteed."
Al-Rabiah said the companies and investors receive prompt services from MODON. "All details are available online and the potential investors receive feedback in a very short time," he said.
All these efforts, Al-Rabiah said, indicated that the Kingdom is promoting balanced industrial development. "All regions are being promoted in a big way," he said.
Al-Rabiah said the forum was a good opportunity for high-profile investors with top global management consulting firms, project management and execution experts and human capital training firm to learn about the latest opportunities in Saudi Arabia's industrial sector.
"I am sure businessmen and economists and consultants will make the most of this important and valuable forum," he said.
MODON Director General Saleh bin Ibrahim Al-Rasheed urged businessmen and investors to take full advantage of the conducive investment climate in the Kingdom's industrial sector.
"These industrial cities will generate a lot of jobs for youngsters, and their creation in different regions will help stop the migration of Saudis to urban areas," he said. "Our youngsters will not have to move from their homes to search for jobs."