Industrial Sustainability Initiative
The Industrial Sustainability Initiative is an initiative launched by the Ministry of Industry and Mineral Resources in the Kingdom of Saudi Arabia to support industrial establishments in the event of changes or updates to legislation, regulations, or laws that may impact their operations or expose them to bankruptcy, such as changes in energy and water prices or labor fees.
Objectives of the Industrial Sustainability Initiative
Localizing promising industries and maintaining the sustainability of the competitive advantage of industrial sectors falling under the objective of promising industries.
Contributions of the Industrial Sustainability Initiative
The Industrial Sustainability Initiative contributes to maintaining the sustainability of the competitive advantage of industrial sectors falling under the objective of promising industries. It also contributes to developing the mechanisms and criteria necessary to identify distressed factories, determine support priorities, and prepare a detailed study of current and proposed financing products, whether financial, training, or administrative.
Work mechanism of the Industrial Sustainability Initiative
Through the Industrial Sustainability Initiative, a governance mechanism is developed to link the ministry with relevant entities that contribute to facilitating the implementation of available solutions and proposed products for distressed factories. To ensure the application of these solutions, a timeline is established to organize the support process according to defined priorities.
Outputs of the Industrial Sustainability Initiative
The outcomes of the Industrial Sustainability Initiative include establishing mechanisms and criteria to identify financially distressed factories and determine support priorities, conducting a detailed study of the funding ecosystem serving the industrial sector in Saudi Arabia, identifying gaps, and proposing financial products, services, and solutions for distressed factories. It also develops a governance mechanism to manage the relationship between supporting entities and the ministry to facilitate the implementation of solutions, and prepares a plan to begin implementing the proposed solutions for distressed factories.