Saudi investment in industrial sector soars to $380 trillion

Saudi Arabia’s total volume of investments in the industrial sector reached SR1,428 trillion ($xx) in December 2022, with a total of 10,518 factories in operation, according to the latest data released by the Kingdom’s Ministry of Industry and Mineral Resources.

The number of valid mining licenses reached 2,272 licenses, including 1,383 licenses for building materials quarry, 635 exploration licenses, 178 mining and small mine exploitation licenses, 43 reconnaissance licenses, and 33 surplus mineral ores licenses in the same period, the December 2022 monthly bulletin of Industry and Mining released by the Ministry reported.

 

The bulletin further reports that a total of 964 industrial licenses were issued throughout the year, amounting to SR32.036 billion worth of investments. In addition, 1,023 factories started operations during the same period, with investments amounting to SR28.79 billion. These investments have created 51,723 job opportunities in the country.

 

The monthly bulletin of Industry and Mining is part of Saudi Arabia's broader industry and mineral resources strategy. The Kingdom has been actively diversifying its economy and reducing its dependence on oil for revenue. The development of the industrial and mining sectors is a key component of this strategy, and the Ministry of Industry and Mineral Resources has been leading the efforts to achieve this goal, a statement said.

 

The Saudi Arabian government has been encouraging investment in the industrial and mining sectors by offering various incentives, including tax exemptions, land grants, and streamlined licensing processes. The data presented in the bulletin highlights the success of these efforts, and the growth of Saudi Arabia's industrial and mining sectors is expected to benefit the country's overall economy.—TradeArabia News Service

 

Source: https://www.tradearabia.com/news/IND_407482.html

 

 

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