The Saudi Arabian Ministry of Industry and Mineral Resources has significantly expanded its national list of mandatory products, with over 200 additions. This expansion includes the localization of vaccine and biological drug production tailored to around 214 essential treatments.
Moreover, the integration of more than 2,000 domestic factories with colossal undertakings such as NEOM, ROSHN, and the Diriyah Gate Development Authority has been achieved.
An insightful report examined by a prominent Middle Eastern newspaper indicates a robust enhancement in the industrial domain for the past year. The issuance of more than 1,300 new industrial permits has led to the attraction of investments surpassing 81 billion riyals (approximately $21.6 billion).
The commencement of operations by approximately 1,055 factories, with investments worth over 45 billion riyals (around $12 billion), underscores the burgeoning investor confidence and the supportive role of government policies.
As the year 2023 concluded, the tally of factories reached 11,500, with 9,400 in operation and 2,100 under development. Domestic manufacturing entities garnered the lion’s share of investments, with foreign and mixed ventures also making substantial contributions.
The total valuation of investments in factories stood at around 1.5 trillion riyals ($400 billion) for 2023, with the operational factories accounting for 1.4 trillion riyals ($373.3 billion) and those in the pipeline securing about 122 billion riyals ($32.5 billion).
Further bolstering the industrial milieu, the Ministry facilitated the public listing of 13 industrial companies on the Saudi Stock Exchange (Tadawul), amassing a total capital of 2 billion riyals ($533.3 million).
The government also unveiled a digital platform dedicated to industry enthusiasts, providing insights into over 75 investment prospects, which have already benefited 100 investors.
Within the realm of Mining Sector, tremendous progress was observed over the previous year, with active licenses exceeding 200,300, including 816 sanctioned in 2023 alone. Out of these, construction quarries constituted 64% of the licensing, followed by categories such as exploration, exploitation, reconnaissance, and residual ore operations.
To stimulate further growth, the Ministry sanctioned five mining licenses for economically promising sites and earmarked 15 locations for mining undertakings across four ore types. This strategic move culminated in a record-breaking revenue generation of over 1.8 billion riyals ($480 million) for the last year.
Total capital funneled into the mining sector reached a staggering 443 billion riyals ($118.1 billion), with direct international investments constituting approximately 210 billion riyals ($56 billion).
