Saudi industrial sector attracts SAR 200 bln investments from 2019-2021: Official

Suliman Almazroua, CEO of the National Industrial Development and Logistics Program (NIDLP)

Saudi Arabia’s industrial sector attracted SAR 200 billion investments from 2019-2021, Al-Eqtisadiah newspaper reported, citing Suliman Almazroua, CEO of the National Industrial Development and Logistics Program (NIDLP).

The Royal Commission for Jubail and Yanbu, the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the General Authority for Military Industries (GAMI) lured SAR 100 billion worth of investments in 2021.

The total number of industrial establishments exceeded 1,620 since early 2020, a rise of 20% in the number of licensed industrial facilities. This marks a 50% jump since 1975, in light of the Kingdom’s Vision 2030, Almazroua added.

As many as 954 new licenses were issued. Additionally, production began at 820 new factories, accounting for 8% of the 10,293 existing plants. Moreover, fiber optics lines were extended, and the Made in Saudi Program has been launched. Th program aims to help local businesses grow, by encouraging local consumers to buy more locally made products, and helping businesses increase their exports to priority markets.