Several Saudi government organizations are working to promote the downstream manufacturing sector in Saudi Arabia. These include:
- Ministry of Commerce and Industry,
- Ministry of Petroleum and Mineral Resources,
- Ministry of Finance
- Ministry of Economy & Planning
- Ministry of Labor
- Saudi Arabian General Investment Authority (SAGIA)
- Royal Commission for Jubail and Yanbu
- National Industrial Clusters Development Program (NICDP),
- Saudi Industrial Property Authority (Modon Industrial Cities)
- Saudi Industrial Development Fund
- Technical and Vocational Training Corporation
- King Abdulaziz City for Science & Technology (KACST)
- Human Resources Development Fund
All these organizations work hand in hand to make Saudi Arabia an attractive place for foreign as well as national investors. Today, Saudi Arabia is first in Middle East-North Africa and 11th worldwide for ease of doing business.
Following are just some of the advantages offered to investors:
- No personal income tax, no value-added tax, no sales tax, no land tax and no property tax.
- 100% foreign ownership permitted – of companies, plant, equipment, projects and property
- Full repatriation of capital, profit and dividends allowed, subject to a 5% withholding tax
- Low-cost sites in KSA’s 24 industrial cities and four economic cities, and in Jubail and Yanbu
- Low-cost loans from the Saudi Industrial Development Fund and Public Investment Fund.
- No export duties within the 17 countries of the Greater Arab Free Trade Area
- Customs duties exemption on imported machinery, equipment, raw materials and spare parts if they are for industrial use
- Duty drawback, a customs refund for raw material imports that are processed and exported as finished goods
- Preferential treatment for national products in Saudi government procurement.