The Ministry of Industry and Mineral Resources, the Ministry of Energy and the Non-Oil Revenues Development Center launched a joint initiative to grant industrial licenses to establishments operating in renewable energy and power production. The initiative will enable these establishments to benefit from many privileges offered to industrial entities, mainly the exemption from customs duties in renewables and power production projects. This move aims to support strategic sectors, due to the importance of those sectors to the national economy, the Ministry of Energy said in a statement. It also aims to bolster the capacities of electricity producers and support the Kingdom’s plans to become a regional hub for power production and export. The step will also contribute to supporting projects and developing renewables technology, as well as the national human cadres working in this field, to achieve the strategic goals of Vision 2030 with respect to energy in general and the electricity sector in particular. The Ministry of Industry offers many incentives to investors in the industrial sector through its “senaei” platform. Establishments can apply for industrial licenses through this platform. — SG