Factory closures are a result of economic makeover in Saudi Arabia: industry official

29/05/2018 Argaam

 

The decrease in number of factories operating in Saudi Arabia in the first quarter of 2018 is due to the structural transformation of national economy and slowing growth, said Osama Al Zamil, Chairman of the National Industrial Committee at the Council of Saudi Chambers.

 

Al Zamil called on government to speed up local industrial content programs before the end of this year, by favoring local products in public tenders, housing projects, and unifying procurements for public projects and service providers.

 

He called for the immediate implementation of recommendations of the Protection Committee for National Industries from Unfair Competition that seek to protect Saudi market from anti-competitive practices.

 

A report issued by Saudi energy ministry showed that 134 factories halted their operations in Q1 2018, amid declining business activity.

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