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Saudi Arabia issued 300 billion Saudi riyals ($80 billion) worth of public tenders stipulating local content since the new tenders and procurement law came into force in December 2019, the Saudi Minister of Industry and Mineral Resources said.
Bandar bin Ibrahim AlKhorayef, who is also the Chairman of the Board of Directors of the Local Content and Government Procurement Authority, said the tenders were issued between 2020 to the first half of 2022, according to a report by the Saudi Press Agency.
Local content procurement amounted to nearly 46 percent of the total expenditure of the member companies of the council on goods and services representing a total value of 113 billion riyals ($30 billion), the minister was quoted as saying by the Agency.
He said the mandatory list of national products that contractors are required to buy would benefit about 4,000 factories and inject more than 20 billion riyals ($5.3 billion) into the Saudi economy.
(Writing by Eman Hamed; Editing by Anoop Menon)
