The Saudi Shoura Council on October 24 recommended that industrial investments should be promoted in underdeveloped regions. “The recommendations were made by the members of the council based on a detailed study presented by the Committee on Economic Affairs and Energy,” Ahmed bin Abdul Aziz Al Yahya, assistant secretary-general of the Council said in a statement following the discussions on the existing articles of the Saudi Industrial Development Fund (SIDF). Yahya pointed out that the council identified the less developed areas in the provinces of Tabuk, Hail, Najran, Jazan, Jouf and Baha. He said the house unanimously decided to offer attractive incentives for those investors who are interested in carrying out projects in these regions. He said the house felt that new industrial projects in those regions not only generate employment opportunities for local youths in the respective regions, but also stop the migration of citizens to the Kingdom’s urban centres. The house suggested amendments to the articles 6 and 7 of the SIDF by recommending the SIDF give additional funds and longer repayment schedules for projects in less developed regions.
INCENTIVES FOR PROGRESS IN SAUDI UNDERDEVELOPED REGIONS
The Saudi Shoura Council on October 24 recommended that industrial investments should be promoted in underdeveloped regions. “The recommendations were made by the members of the council based on a detailed study presented
