Saudi Arabia is expected to attract investments in the industrial, construction and services sectors after the Council of Ministers approved yesterday standard incentives for the industrial sector and salary scales for engineering jobs to enhance economic growth, according to specialists who spoke to Al-Eqtisadiah.
The decision aims to enhance economic growth and stimulate development, as it is consistent with the industrial strategy that advances the sector three times what was achieved in 50 years, and contains clear signals to support the sector, which is an important step to strengthen the industrial strategy in Saudi Arabia, in light of the major projects that it is currently working on. .
In this context, Chairman of the National Industrial Committee of the Federation of Saudi Chambers, Ibrahim Al-Sheikh, said that the recent decisions of the Council of Ministers have opened wide horizons of success and excellence at various levels, especially related to the salary scale, which in its new form provides a stimulating and attractive work environment for engineering cadres in the government sector and raises the level of practice. Professional for engineers.
He pointed out that the Council’s approval of standard incentives for the industrial sector improves the balance of payments, increases the private sector’s contribution to the economy, and provides quality jobs under the umbrella of the National Investment Strategy, which aims to diversify the economy by focusing on priority sectors in accordance with the Kingdom’s Vision 2030.
The incentives include a package of government privileges and facilities for industrialists, and in general, they will be supportive and enabling the transformation process in Saudi Arabia, which will contribute to achieving economic diversification and raising the system’s contribution to the gross domestic product, according to Al-Sheikh.
In turn, the Chairman of the Industrial Committee of the Yanbu Chamber, Engineer Abdul Rahman Al-Thubaiti, said that the Council of Ministers’ decision regarding the salary scale for engineering jobs and standard incentives for the industrial sector comes in the context of government incentives that keep pace with the economic growth witnessed by Saudi Arabia, and are consistent with the industrial strategy that promotes industry.
Al-Thubaiti expects that the decision will contribute to making the industrial sector more attractive to graduates and enhance their participation in the industrial field.
Regarding the sectors benefiting from the decision, Al-Thubaiti explained that, in addition to the industrial sector, they include the services and construction sectors, in light of the huge projects and the engineering cadres they require to work in them, in addition to the service sectors such as electricity and petrochemicals, which need a larger number of people belonging to the profession.
Al-Thubaiti stressed that securing a sufficient number of Saudi engineers in the labor market would help and encourage foreign investors to invest in Saudi Arabia and expand it, without the need to attract foreign engineers from abroad, which does not guarantee their continuity and adaptation to work within Saudi Arabia.
He called on business establishments to benefit from these incentives through digital transformation and the fourth generation in industry and automation, and to follow methods of energy conservation and transition towards clean energy, and to provide appropriate work environments to keep pace with the requirements for obtaining the incentives announced by the decision.
For his part, Ayman Al-Hazmi, Chairman of the National Committee for Local Content and Government Procurement at the Federation of Saudi Chambers, considered the decision a great support for the progress of Saudi industry, as it will have a significant positive impact in terms of improving the operational environment for the sector in general.
He added that the decision will push more Saudi engineers, both male and female, to work in the industrial sector after work becomes organized and far from random, considering that the human cadre is the most important element and the basic component in working in all economic sectors.
He pointed out that the decision constitutes an extension of the decisions and regulations issued by the state to support the industrial sector, at a time when the engineering staff represents the influential factor in the national economy and the industrial sector in particular.
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