What new agreements were signed during the Local Content Forum
During the Local Content Forum held in Riyadh, several significant agreements were signed, highlighting Saudi Arabia’s commitment to boosting local industries and economic growth:
1. A total of 50 agreements were signed to localize industries and transfer knowledge in key sectors.
2. These agreements focused on strategic areas such as:
• Transportation
• Logistics
• Medical supplies
• Pharmaceuticals
• Water
3. The economic impact of these agreements is substantial:
• They are expected to contribute over SR47 billion (approximately $12.5 billion) to Saudi Arabia’s gross domestic product.
• The deals signed on the first day of the three-day event are projected to boost the Saudi GDP by $3 billion.
4. The agreements span multiple strategic sectors, including manufacturing and technology, in addition to those mentioned earlier.
These agreements demonstrate Saudi Arabia’s ongoing efforts to diversify its economy, enhance local capabilities, and reduce dependence on imports. They align with the broader objectives of Saudi Vision 2030, which aims to create a more resilient and diversified economic landscape in the Kingdom.
