Saudi Arabia uses new feature to attract industries and investments

Saudi Arabia is trying to use electricity as a “competitive advantage” to attract industries and businesses, as it considers that the economic return it will receive through “cheap” electricity is greater than that of increasing its prices, Energy Minister Prince Abdulaziz bin Salman said.

“The role of the Energy Ministry is to provide sustainable and clean energy at a competitive price, close to the cost price, to attract industries and businesses,” Prince Abdulaziz bin Salman said.

”Saudi Arabia has been able to provide energy at a competitive price for a long time, with the aim of assuring companies and industries that one of the competitive advantages offered by Saudi Arabia is the cost of competing electricity,” he added.

“The Kingdom’s availability of industries and services is greater in terms of economic revenues than the cost of electricity,” he said.

Saudi Arabia is diversifying its economy away from oil under Vision 2030 and has launched several stimulus initiatives and programs to attract companies and industries and motivate local companies to expand and increase production.