Oct 01, 2019
STC and SIF Conclude a Cooperation Agreement to Promote Local Content and Create Localization Opportunities
STC has concluded a joint cooperation agreement with the Saudi Industrial Fund (SIDF) to promote local content and create localization opportunities in various sectors, as part of the Tawteen Program.
This Agreement - signed by STC Group CEO, Eng. Nasser bin Sulaiman Al Nasser and SIF CEO, Dr. Ibrahim bin Saad Al Mojel - aims at contributing to the promotion of local and foreign investments to increase local content, as well as at highlighting products’ localization opportunities, and benefiting from the volume of purchases in major companies.
In this respect, Tawteen - which contributes to the achievement of the national strategy of increasing KSA’s local content - offers a number of advantages, including the provision of preferential financing terms and conditions implying a longer settlement period extending up to seven years and a grace period of two years, as well as the availability of a dedicated, fast track for projects enjoying a purchase agreement, and the possibility to link purchases with major national companies and provide consultancy services alike.
Within the Rawafed program framework, STC has concluded a cooperation agreement with SIDF with a view to transferring international knowledge and expertise to startup projects, increasing the Saudization rate of leadership positions, supporting SMEs, ensuring industry localization, as well as supporting innovation and enabling digitization, as part of STC’s commitment to achieving the Saudi Vision 2030 objectives of increasing the share of local content and enabling digital transformation.
In this context, it is worth mentioning that Rawafed managed to achieve a 20-40% increase in Saudization, in addition to all of its efforts exerted in supporting small and medium-sized enterprises and localization of the industry. In 2018, the development and expansion of the manufacturing of optic fibers started to take place, in addition to the implementation of several plans, aimed at producing high-tech products and building 4 innovative centers.
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