Riyadh — The National Incentives Committee announced it would provide financial and non-financial incentives for investment projects to empower and promote foreign and local investments.
The committee will provide tax and customs incentives and financial compensation based on the type of economic activity. The incentives will relate to localizing jobs.
The committee also indicated government support for the energy, industry, environment, agriculture, health, and communications sectors.
It will also assist in obtaining low-cost financing and provide incentives for communications privileges in terms of privatization fees and mining concessions.
The committee is an offshoot of the Supreme National Investment Committee. It operates under the Council of Economic and Development Affairs (CEDA) and focuses on initiating and developing investment projects by local and foreign investors.
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The committee will explore new investment opportunities in various economic sectors. It will lead for these from the recommendations by the Committee for Surveying and Promoting Investment Opportunities. And from other concerned government agencies.
The committee aims to regulate the incentives offered to investment projects to realize harmony; and coordination concerning incentives provided by agencies, funds, banks, and government committees. It will supervise the incentive packages allotted to investment projects.
The committee will approve the distribution of incentives offered for investment projects, apart from studying; and reviewing the proposals about all kinds of incentives referred to by the Committee for Surveying and Developing Investment Opportunities; or the bodies, funds, banks, and government committees.