Saudi list $26bln investment opportunities in machinery and equipment sector

Saudi list $26bln investment opportunities in machinery and equipment sector

Saudi Arabia’s Minister of Industry and Mineral Resources and Chairman of National Industrial Development Centre (NIDC), Bandar bin Ibrahim Al-Khorayef, announced 50 investment opportunities worth 96 billion Saudi riyals ($26 billion) in the machinery and equipment sector through the Invest Saudi platform.

A press statement issued by the Ministry on Tuesday said these projects support National Industry Strategy (NIS), which aims to expand the Kingdom's industrial base, reduce machine and equipment imports by up to 50 percent, increase exports of industrial products to regional and global markets and reduce reliance on imports for cast and forged products.

Al-Khorayef said these projects would contribute to establishing complete value chains from raw materials to finished products, adding that three projects for casting and forging, a core input for the machinery and equipment sector, were finalised during 2021-2022 with investments exceeding $1 billion.

In March 2022, Tuwaiq Casting & Forging, a joint venture of Doosan Heavy, Saudi Arabian Industrial Investments Company (Dussur) and Saudi Aramco Development Company broke ground for 60,000 tonnes/year capacity castings and forgings plant in the Kingdom representing a total investment of $834 million. The valves and pumps segment have attracted investments worth $119 million.

The Minister said NIDC worked with Schneider Electric over