Riyadh: The Local Content and Government Procurement Authority celebrated 26 distinguished winners from government agencies, the private sector, and the non-profit sector, along with several individuals, during the third edition of the Local Content Award ceremony. The event, which aims to honor and motivate contributors to local content development, was patronized by the Minister of Industry and Mineral Resources Bandar Alkhorayef and witnessed the attendance of several officials from various sectors.

According to Saudi Press Agency, the award ceremony recognizes participants who adhere to local content requirements, enhance local capabilities, and maximize the benefits of purchasing power to build a strong and sustainable economy. During his speech, Minister Alkhorayef highlighted that local content is a practical translation of one of the pioneering national initiatives launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

Minister Alkhorayef further elaborated that since the implementation of local content policies in 2018, there has been a significant increase in the percentage of local content in government procurement, rising from 28% to 47%. Additionally, these policies have led to the formation of 396 local content development teams within government agencies, underscoring the initiative's success and impact on the national economy.