Organisations and support
The Government's The Ministry of Energy, Industry and Mineral Resources have a major role in developing Saudi Arabia's automotive sector, particularly through the Industrial Clusters program (IC).
Assistance to automotive sector investors includes:
- Support with carrying out market research and providing market data
- Support with identifying the best possible locations, sites, suppliers and staff
- Help evaluating business model options such as foreign direct investment, joint venture and licensed operations
- Assessing eligibility for incentives
- Assisting with applications
Industrial Clusters can also advise on accessing finance such as Public Investment Fund loans, Saudi Industrial Development Fund loans and private venture capital.
In Saudi Arabia, foreign companies enjoy all the benefits, guarantees and incentives offered to Saudi-owned companies.
If Saudi-based automotive manufacturers find that certain products are not available from domestic suppliers, they are exempt from customs duties on imported raw materials used for production, associated equipment, and spare parts for that equipment.
Once an automotive project is operational, capital and profits can be repatriated without restriction.
Other Investment incentives and support includes the Human Resources Development Fund, which provides financial support for training and employment; and innovation grants for joint industrial-academic research.