Saudi Arabia’s Ministry of Commerce and Investment has announced that it has approved the restructuring of duties on steel exports in order to encourage local producers and national industries to compete externally.
Accordingly, the ministry has decided to stop collecting export duties on steel factories for two years.
According to the ministry’s statement, the country’s Export Development Authority shall submit a report to the Ministerial Provisioning Committee every six months to measure the impact of these measures on the volume of national exports and their effects on the export sector.
Meanwhile, the Ministry of Commerce and Investment continues to issue export licenses to factories wishing to export their products after verifying the fulfillment of certain requirements, including that the supply of steel locally to meet the needs of the Saudi market.