The Minister of Commerce and Industry and Chairman of the Board of Directors of Saudi Industrial Cities and Technology Zones Authority (MODON) Dr. Tawfiq Bin Fawzan Al-Rabiah stressed that the Kingdom is witnessing significant growth in non-oil industries and exports and that the growth rate of these exports amounted to 12 per cent per annum which is twice the growth rate of the Kingdom’s Gross Domestic Product (GDP), indicating that the continuation of that growth will establish considerable economic diversification over the coming years.
During his patronization of the ceremony honoring the winners of Industrial Creativity Award in its second session organized by the Authority here yesterday evening, Dr. Al-Rabiah stressed the ministry’s keenness to provide support and facilities for the development of the industrial sector and added-value in the Kingdom, noting that industrial lands have become available and buildings for factories are ready, and industrial loans increased from 50 percent to 75 percent.
He announced the increase in the value of the award from two to three million riyals in its next session.
Then the Minister of Commerce and Industry handed over the prizes to the five winners amounting to two million riyals.
Source : Saudi News Agency
