The Ministerial Provisioning Committee, formed by the Ministries of Commerce and Investment, Finance, Energy, Industry and Mineral Resources, Environment, Water and Agriculture, approved a new mechanism to encourage local producers and national industries to compete externally. Therefore, it has approved the re-structure of export duties on exports of cement and steel.
The Ministerial Committee decided to stop collecting export duties on steel factories for two years, as well as to reduce export duties for cement factories by 50%, as per the approved minutes of the Ministerial Provisioning Committee.
Meanwhile, the Export Development Authority shall submit a report to the Ministerial Provisioning Committee every 6 months to measure the impact of these measures on the volume of national exports and their effects on the exports sector.
The Ministry of Commerce and Investment continues to issue export licenses to factories wishing to export their products after verifying the fulfillment of the requirements contained in the Royal Decree, including that the supply of cement and steel locally to meet the needs of the Saudi market.