The estimated value of government tenders that required local content and localization amounted to nearly SR300 billion ($79.81 billion) since the launch of the local content law until H1 2022, a senior minister has revealed.

In a speech at the opening ceremony of the Local Content Forum in Riyadh on Monday, Bandar Al-Khorayef, Minister of Industry and Mineral Resources and Chairman of the Local Content Authority, said the Kingdom has achieved many targets since the start of legislation aimed at developing local content in 2020 until the end of the first half of 2022, an  Al Eqtisadiah report said.

Through the law private sector firms and national factories were enabled to be the first choice for government spending.

He said the estimated value of government competitions to which the requirements of local content and localization applied amounted to SR300 billion.

The proportion of local content amounted to 46% of the total spending of companies for the year 2020. With an estimated value of SR113 billion, in addition to empowering national factories through the mandatory list of national products, 4,000 factories benefited from them move, with an impact on the national economy of more than SR20 billion.