Riyadh – Mubasher: Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources (MEIM) plans to launch an initiative to promote factories operating in the kingdom via providing soft loans, Al Eqtisadiah reported.
Abdulaziz Abdulkarim, the deputy energy minister, said that the step comes along with the ministry’s strategy to improve electric power efficiency and reduce its consumption.
He added that the new initiative is part of the National Industrial Development and Logistics Program (NIDLP), which was launched by Crown Prince Mohamed bin Salman in January 2019.
Abdulkarim noted that the NIDLP aims to increase the contribution of its four main sectors represented in the industry, mining, logistic services, and energy sectors to the Saudi gross domestic product (GDP) to SAR 1.2 trillion.
It also eyes offering 1.6 million job opportunities and attracting over SAR 1.7 trillion in new investments.
