‎Crown Prince launches National Industry Strategy

‎Crown Prince launches National Industry Strategy

Crown Prince Mohammed bin Salman launched today, Oct. 18, the National Industrial Strategy, after being approved by the Saudi Cabinet today.

The strategy aims to reach an industrial economy that would attract more investments, to help diversify economy, as well as boost the GDP and non-oil exports, in line with Saudi Vision 2030 goals.

The Crown Prince said the Kingdom has all capabilities to reach a competitive and sustainable industrial economy, including ambitious young talents, a distinguished geographic location, rich natural resources, as well as leading national industrial companies.

Through this strategy, Saudi Arabia aims to lead the industrial regional integration of value chains, and benefit from strengths in the local economy, he added.

The strategy focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom, while identifying more than 800 investment opportunities worth SAR 1 trillion, to start a new chapter of sustainable growth for the sector. This, accordingly, will help achieve strong economic returns for the Kingdom by 2030, such as increasing the industrial GDP three times and doubling the value of industrial exports to reach SAR 557 billion.

Further, the new strategy aims to bring the total value of additional investments in the sector to SAR 1.3 trillion. It also