24 Hrs
Source:
الاقتصادية
Saudi Arabia's govt spending hits 63bn riyals in Q2
The article highlights Saudi Arabia's efforts to strengthen local content through the management and implementation of competitive initiatives and government projects, with a total value exceeding 63 billion riyals during the second quarter of the year. The goal is to direct government spending towards national products and services. Data shows that the Saudi Authority for Local Content and Government Procurement has signed multiple agreements worth over one billion riyals to facilitate knowledge transfer and industrial localization. Additionally, the number of national products included in the mandatory list has increased to 1,752 products. These policies have also expanded to aim for a local content rate of more than 51% in government purchases. The Authority has established over 80 industrial localization agreements with investments exceeding 19 billion riyals, to promote technology and specialized industries and achieve self-sufficiency. This approach enhances private sector participation and stimulates national economic growth.
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