Riyadh: The Saudi Ministry of Industry offers many incentives for investments in renewable energy. The Ministries of Energy, the Ministry of Industry-Mineral Resources, and the Non-Oil Revenues Development Center have launched a joint initiative. The joint initiative grants licenses to companies working in renewable energy resources and power production.
The initiative allows such establishments to benefit from the many privileges given to industrial entities. The foremost advantage is the exemption from customs duties in renewables and power production projects.
This move aims to support strategic sectors due to their importance to the national economy, the Ministry of Energy said in a statement.
It also targets bolstering the capacities of electricity producers. Support the Kingdom’s plans to become a regional hub for power production and export.
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The move contributes to supporting projects and developing renewables technology and the national human cadres working in this field. It achieves the strategic goals of Vision 2030 for energy in general and the electricity sector in particular.
The Ministry of Industry offers many incentives to investors in the industrial sector available through its “senaei” platform.
Companies working in the renewable energy production sector can apply for industrial licenses through this platform.