Made in Saudi to create 1.3mln mining, industrial jobs for Saudis, minister says

The program, officially launched on March 28, aims to help increase the Kingdom's non-oil exports to 50 percent of the total from about 25 percent today, and raise the contribution of the private sector from 40 percent to 65 percent, Alkhorayef said during a government conference, Asharq reported.

‘Made in Saudi’ is focused on construction, textiles, pharmaceuticals and medical, processed and fresh produce and is open to any company with a valid license to operate in the Kingdom that grows, extracts or produces their wares in Saudi Arabia.

"We currently have 10,000 factories in the Kingdom, with investments of 1.1 trillion riyal ($293 billion), and the Kingdom's products reach more than 178 countries around the world," Alkhorayef said.

A strategic plan to develop the consumer products industry through localization is in place, he said.

Crown Prince Mohammed bin Salman on Wednesday launched Shareek, a 12 trillion riyal program to boost the role of the private sector in diversifying the economy.

Under the program, private sector businesses will be helped to invest 5 trillion riyals between now and 2030, along with 3 trillion riyals from the country's sovereign wealth fund, the Public Investment Fund (PIF), and 4 trillion riyals as part of a new national investment strategy.

The SR5 trillion that major companies pledged to spend within the Shareek program came based on a set of incentives, including the business environment, and some exemptions granted to each sector, said Alkhorayef.

Companies will spend more to expand and take advantage of opportunities instead of distributing all profits to shareholders, he said.