Industry minister: Energy and electricity prices under study

The Kingdom’s Budget 2020 Forum in Riyadh.

RIYADH — The Minister of Industry and Mineral Resources Bandar Alkhorayef disclosed about the existence of a mega project to launch the geological survey of the Kingdom, to cover some 700,000 sq. m at the Budget 2020 Forum.

He added that the ministry aims to reform the current situation and preserve the Kingdom’s gains in the industrial and mining sectors during the (past) 40 to 45 years.

The ministry also aims to create incentives for the private sector to invest. This applies to both the local and international private sectors, so as to achieve sustainability of growth and the targets set.

Alkhorayef said that the ministry is also studying energy and electricity prices for factories.

“The ministry will remain close to the private sector and enhance the relationship with it in a move to motivate investors,” Alkhorayef said. The minister added that Saudi domestic industrial products are in demand globally.

He also noted that Saudi Arabia’s EXIM Bank will start operating very soon, stressing that it will not compete with commercial banks, as it will be operating in markets that are not funded by them.

Saudi Arabia approved a bundle of decisions in support of the Kingdom’s industrial sector, the minister said. — SG