Saudi Arabia has sustained its momentum in the industrial sector by issuing over 300 industrial licenses in the first quarter of 2024, mirroring the figures from the previous year, as per the latest government data.
An official announcement from the Kingdom’s Ministry of Industry and Mineral Resources highlighted that a total of 324 industrial permits were granted between January and March, with March receiving 54 of these approvals.
The data also indicated that investments in March reached SR1.047 billion ($279 million), showcasing a steady flow of capital into the sector.
This surge in industrial licensing is part of Saudi Arabia’s broader strategy to elevate mining as a key economic pillar, in line with the Kingdom’s Vision 2030.
The ministry’s actions are also designed to bolster the sector and support the overall developmental strides being made in accordance with the national blueprint for the future.
Details from the ministry’s National Industrial and Mining Information Center revealed that the March permits spanned various industries, such as the manufacturing of non-metallic mineral products, food, metal goods, chemicals, and paper.
The geographical spread of the new licenses included regions such as the Eastern Province, Riyadh, Makkah, Qassim, Jazan, Madinah, Al-Jouf, and Al-Baha.
Small enterprises made up a significant portion of the new permits at 77.78 percent, while medium-sized entities accounted for 22.22 percent.
Investment patterns showed that domestic manufacturers were the primary recipients of these licenses, comprising 98.15 percent, with foreign ventures representing a modest 1.85 percent.
The report also shed light on the industrial landscape, noting an increase to 11,832 factories, both existing and under construction, by the end of March. This is a slight uptick from 11,757 facilities in February, with investments totaling SR1.528 trillion.
Additionally, 69 factories commenced operations in March, backed by investments of SR1.339 billion.
The ministry regularly publishes these reports to track the vital metrics within the Saudi industrial sector, highlighting investment trends and growth.
In a move to further develop the sector, April saw the introduction of the Mining Exploration Enablement Program by the Kingdom, with invitations extended to global industry players to join the initiative, aimed at enhancing exploration and maximizing the mining sector’s potential, particularly in untapped regions.
