Saudi Arabia’s Ministry of Industry and Mineral Resources has reported the inauguration of 103 new factories in January, marking a significant development in the Kingdom’s industrial sector. These factories, with an investment of SR900 million ($240 million), have created around 1,504 jobs, highlighting the sector’s expansion.
The ministry, through the National Industrial and Mining Information Center, also issued 63 new industrial licenses in January. This aligns with Saudi Arabia’s Vision 2030, which seeks to diversify the economy beyond oil, focusing on sectors like petrochemicals, mining, and renewable energy. The National Industrial Development and Logistics Program plays a crucial role in this transformation, aiming to position Saudi Arabia as a regional manufacturing hub.
Plans are underway to boost the number of factories to 36,000 by 2035, including 4,000 automated facilities, fostering an innovative industrial environment. The General Authority for Statistics reported a 1.3% annual rise in the industrial production index in January, with manufacturing and waste management driving growth. The manufacturing sub-index increased by 4%, supported by a rise in the production of coke, refined petroleum, and chemical products.
Investments linked to new industrial licenses reached SR1.197 billion, potentially creating over 2,500 jobs. In 2023, the number of industrial units grew by 10% year-on-year, totaling 11,549 units, with investments amounting to SR1.54 trillion, according to Jarrah Al-Jarrah, a ministry spokesman.
