Saudi Arabia will grant industrial licenses to facilities operating in the renewable energy sector and power plants in order to become a regional center in the field of electricity production.
The Ministry of Industry and Mineral Resources and the Ministry of Energy have partnered with the Non-Oil Revenues Development Center to grant the licenses.
The agreement aims to help industrial facilities take advantage of the government’s various incentives, most notably customs exemptions in electricity production and renewable energy projects, the Ministry of Energy said in a statement.
By enhancing the capabilities of these entities, Saudi Arabia looks to become a regional center in the field of electricity production.
The Ministry of Industry and Mineral Resources also provides many incentives and benefits to investors in the sector through its initiatives in line with the Kingdom’s Vision 2030.