Latest news with #LocalContentandGovernmentProcurementAuthority
Arab News
01-05-2025
- Business
- Arab News
LCGPA honors 26 winners at third Local Content Awards in Riyadh
RIYADH: The Local Content and Government Procurement Authority recognized 26 public, private, nonprofit and individual contributors at its third Local Content Award ceremony on Wednesday in Riyadh. The theme of the event was 'Applauding Your Impact.' Organized under the patronage of Bandar Al-Khorayef, Saudi Arabia's minister of industry and mineral resources, the event celebrated efforts to advance local content development — a pillar of Crown Prince Mohammed bin Salman's Vision 2030. This aims to strengthen the economy by boosting domestic industries, reducing reliance on imports and empowering national talent. The awards highlight achievements in meeting Local Content Requirements, or LCRs, which have raised government procurement spending on domestic goods and services from 28 percent in 2018 to 47 percent. During his keynote speech, Al-Khorayef said that 396 Local Content Development Teams operated across government entities, while 270 state-owned firms had embedded LCRs into policies, driving their local spending to 50.7 percent in 2023. In the government entities category, awards were distributed across two main paths and three subcategories. In the path for Excellence in Local Content for Medium and Low-Spending Entities, the Ministry of Foreign Affairs claimed first place, the Roads General Authority ranked second, and the Digital Government Authority, or DGA, came in third. Abdulaziz Al-Bader, general manager of procurement at the DGA, told Arab News: 'We have focused on localizing industries through technology-related agreements, such as those for digital circuits, where we have achieved impressive results.' He said that advances in cloud computing and the unification of technical specifications for government technology purchases had further streamlined procurement. Al-Bader said that 'our investment colleagues have made significant efforts, and the entity managing these investments has begun to see tangible outcomes.' These measures, he explained, directly contributed to 'a reduction in government spending on such procurements and accelerated the purchasing process' — an outcome he attributed to rigorous standardization and localized industry partnerships. STC Group secured the top award for Local Content Preference, while the National Water Company was among other notable honorees. In the private sector, telecom company TAWAL and manufacturing firm FIPCO stood out among large enterprises. Small and medium enterprises such as Suwar Technology and Intra Defense Technologies were recognized for driving innovation in niche markets. Reef National Foundation became the first nonprofit to be awarded for advancing local content goals. Individuals Lama Al-Hussein (first) and Abdulmajeed Marzouq (second) earned top honors for raising awareness of local content's economic impact.
Argaam
06-02-2025
- Business
- Argaam
LCGPA unveils additional price preference mechanism for pharma sector
The Local Content and Government Procurement Authority (LCGPA) announced today, Feb. 6, the first batch of products eligible for the additional price preference mechanism in the pharmaceutical and medical products sector, as part of its efforts to enhance local content and support national products. In its statement, the authority explained that the mechanism grants an additional price preference of up to 20%, in addition to the existing 10% preference stipulated in the Regulations on Preference for Local Content and Local SMEs. A total of 17 pharmaceutical and medical products have so far been included in the list designated for this mechanism. LCGPA estimates that spending on these target products will reach SAR 141 million, with an expected contribution of SAR 53.8 million to GDP. This highlights the initiative's crucial role in strengthening the national economy and driving growth in the local pharmaceutical industry. Eligibility for the additional price preference mechanism requires each product to have a valid registration certificate issued by the Saudi Food and Drug Authority (SFDA). The mechanism does not apply to national products that have only undergone secondary packaging, except for those on which clinical studies or bioequivalence testing have been carried out in Saudi Arabia or those containing an active pharmaceutical ingredient (API) manufactured locally. LCGPA emphasized that this initiative is designed to support the national pharmaceutical industry by introducing new competitive incentives within the government procurement framework, ultimately boosting reliance on local products in the Saudi health sector.
Asharq Al-Awsat
05-02-2025
- Business
- Asharq Al-Awsat
Industry Minister: Saudi Arabia Seeks to Boost Partnership with India in Strategic Industries
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef stressed on Tuesday Saudi Arabia's commitment to boosting its strategic partnership with India across key economic sectors, particularly industry and mining. The minister made his remarks while chairing a roundtable meeting with leaders from India's private sector in New Delhi. Alkhorayef said the Kingdom is taking serious steps to boost collaboration in vital industries, including automotive, medical industries, biotechnology, chemicals, petrochemicals, machinery and renewable energy. The meeting was attended by Local Content and Government Procurement Authority Chief Executive Abdulrahman Al-Samari, National Industrial Development Center Chief Executive Eng. Saleh Al-Solami, and Saudi-Indian Business Council Chairman Abdulaziz Al-Qahtani. During his address to leading Indian business executives, Alkhorayef stated that the Saudi Vision 2030, which drives the Kingdom's economic diversification, sees India as an ideal partner due to its rich history, knowledge, and expertise. Saudi Arabia's manufacturing and mining sectors present significant opportunities for collaboration between the two nations, he added. The minister pointed to the potential for strong investment partnerships in the automotive sector, as Saudi Arabia is the largest importer of vehicles in the Middle East. The Kingdom aims to localize car manufacturing, spare parts and supply chains, leveraging global expertise in automotive production, he went on to say. As one of the world's largest petrochemical producers, he said that Saudi Arabia is committed to maximizing the domestic utilization of petrochemicals to create added value within the national economy. Saudi Arabia sees a major opportunity for cooperation in machinery and equipment manufacturing, given India's advanced capabilities in this field, Alkhorayef stressed, highlighting that Saudi Arabia is undergoing a major transformation in mining and aspires to become a key player in the global metals market, increasing the demand for heavy equipment. The minister detailed several initiatives to attract industrial investments, including the "Factories of the Future" program, which promotes advanced manufacturing technologies; low-cost land leasing for industrial projects; financial support from the Saudi Industrial Development Fund, which offers loans covering up to 75% of project costs with flexible repayment terms; export support through the Saudi Export Development Authority; competitive energy prices and improved industrial infrastructure; and training programs for local employees and talent attraction initiatives. Alkhorayef underscored the Kingdom's strong focus on local content development, localizing strategic industries and integrating supply chains. He stressed that achieving the goals of the Saudi National Industry Strategy requires activating public-private sector partnerships by enabling the latter to utilize opportunities provided by the strategy. The minister called on Indian companies to explore and benefit from the unique investment opportunities available in the Kingdom. Alkhorayef later met with Indian Minister of Coal and Mines G. Kishan Reddy to discuss advancing Saudi-Indian cooperation in the mining and minerals sector. The talks centered on exploring horizons of a strategic partnership and joint initiatives in mining, as well as mutual opportunities for prospecting critical minerals. Alkhorayef discussed means of exchanging knowledge and expertise in sustainable mining practices, as well as smart solutions for mining operations and mine management. Additionally, the meeting addressed the enhancement of collaboration in developing human resources for the mining sector, facilitating the transfer of technology and innovation between the two countries, and leveraging advanced Indian solutions in mineral exploration. Participants discussed fostering joint efforts in geological survey programs. The ministers emphasized the importance of collaboration among universities, scientific research institutions, and specialized companies in both nations to develop new technologies aimed at improving the efficiency of mining operations and achieving environmental sustainability. Attending the meeting were Local Content and Government Procurement Authority (LCGPA) Chief Executive Abdulrahman Al Samari; Industrial Center Chief Executive Saleh Al Solami; and Saudi embassy Chargé d'Affaires Jadi bin Naif Alraqaas.
