Asharqia Chamber, represented by the Asharqia Chamber Incubator for Entrepreneurship, organized a meeting on Sunday, February 16, 2025, entitled "Services and Incentives for Entrepreneurs Provided by the Ministry of Industry and Mineral Resources", presented by Eng. Raafat Al-Sarir, Director of the Ministry of Industry and Mineral Resources Branch in Dammam, in the presence of several interested parties and entrepreneurs.
During the meeting, Eng. Al-Sarir discussed the services provided by the Ministry's branch to investors, the steps for applying for a founding license, licensing requirements, upgrading the license, for establishment or production, license renewal requirements, and industrial license cancellation requirements.
Al-Sarir confirmed that the industrial base in the Kingdom has witnessed a significant expansion over the past four decades, as the sector has jumped and the number of operating factories has increased from 198 factories in 1974 to more than 12,000 factories at present, and the total domestic product of manufacturing industries has increased significantly from 15 billion to more than 296 billion by the end of 2015.
Al-Sarir explained that the number of factories in the Eastern Province has currently exceeded 1,785 factories, employing more than 300,000 workers, with a capital exceeding 800 billion riyals.
Al-Sarir pointed out that the industrial sector contributes to the economic output by creating job opportunities for citizens, increasing the gross domestic product, raising the level of productivity, attracting competencies, raising the national economic growth rate, providing resources to replace imports, and the possibility of the Kingdom becoming an exporting country.
Al-Sarir also stated that the Ministry of Industry and Mineral Resources offers many incentive programs for investors and entrepreneurs, most notably the Fourth Industrial Revolution Program, which aims to support 4,000 factories to apply the best global practices, reduce production costs, and enhance efficiency and competitiveness, with a focus on strategic sectors. Al-Sarir indicated that licenses in some industries require approvals from other government agencies, according to the department of jurisdiction in the industry, and they can be viewed by visiting the ministry's website.
