Riyadh is the site of two new agreements signed by the Local Content and Government Procurement Authority to localize industry and transfer knowledge. These agreements aim to strengthen national capabilities, develop local industries, and transfer technologies to the Kingdom of Saudi Arabia to support economic diversification and local supply chains.
According to SPA, the first agreement focuses on localizing the production of light and sound warning devices for security vehicles. This initiative involves separate agreements with two specialized companies and is conducted in cooperation with the Zakat, Tax and Customs Authority and the Supreme Authority for Industrial Security.
The second agreement involves a specialized company to localize the production of firefighter helmets in cooperation with the Supreme Authority for Industrial Security.
Eng. Abdulrahman Alsagheir, spokesperson for the Local Content and Government Procurement Authority, stated that these agreements are expected to create 90 jobs and generate an economic impact on the GDP of up to SAR195 million.
What are the specific products being localized under the new agreements? The agreements focus on two main areas of production. The first involves localizing light and sound warning devices used for security vehicles through partnerships with two specialized companies. The second agreement focuses on the localization of firefighter helmets through a partnership with a specialized company.
Which entities are cooperating with the Local Content and Government Procurement Authority? The authority is working with the Supreme Authority for Industrial Security on both the firefighter helmet and security vehicle warning device projects. Additionally, the Zakat, Tax and Customs Authority is cooperating on the localization of light and sound warning devices for security vehicles.
What is the expected economic and employment impact of these agreements? According to spokesperson Eng. Abdulrahman Alsagheir, the two localization agreements are expected to create 90 jobs. Furthermore, these initiatives are projected to contribute an economic impact of up to SAR195 million to the gross domestic product.