RIYADH: Saudi Arabia is investing SR91 billion ($24.20 billion) to develop the domestic economy as the Kingdom steadily progresses to achieve its goals outlined in Vision 2030, according to Abdulrahman Al-Fadhli, minister of Environment, Water and Agriculture. 

While speaking at the Local Content Forum in Riyadh on Sept. 5, Al-Fadhli noted that local content must be sustainable and scalable. 

Focusing on agriculture, Al-Fadhli added the sector contributed SR72 billion — or 2.3 percent — to Saudi Arabia’s gross domestic product in 2021. 

The minister revealed that the total agricultural development fund loan for 2022 is expected to reach SR7 billion, a strong uptick from 2015 when loans amounted to SR465 million. 

“We have a strategy for the agricultural sector and this strategy and its targets have recently been updated,” said Al-Fadhli. 

According to the Local Content and Government Procurement Authority website, local content is defined as the total spending on Saudi components within Labor, Goods, Services, Assets, Technology and other such items within the Kingdom.