Saudi announces 50 investment opportunities worth over $26.6bln in machinery, equipment sector

Saudi announces 50 investment opportunities worth over $26.6bln in machinery, equipment sector

Riyadh - Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry and mining sector is working with relevant authorities to attract 50 investment opportunities worth more than SAR 96 billion in the machinery and equipment sector.

The investment opportunities, which have been developed and uploaded on the Invest Saudi platform, aim at activating the National Industry Strategy (NIS), which seeks to expand the industrial base in the Kingdom, reduce imports by up to 50%, and work towards exporting products to regional and global markets.

AlKhorayef indicated that among the largest projects achieved during 2021 and 2022 are three projects for casting and forging, which are considered among the inputs of the machinery and equipment sector, and one of the basics of the NIS, with investments exceeding $1 billion.

The minister noted that these projects would contribute to establishing complete value chains from raw materials to finished products and replacing imports of casted and forged products, as well as manufacturing valves and pumps with investments amounting to $119 million.

The minister added that the NIDC has worked the past two years with investors in the Saudi Arabian Schneider Electric