Saudi Arabia on track to become ‘a leading industrial power’

SourceArab News
CountrySaudi Arabia

RIYADH: While some economies have struggled in the face of the coronavirus disease (COVID-19) pandemic, Saudi Arabia's licensing of over a hundred new factories is evidence of its ambition to become "a leading industrial power" in the region and the growing importance of the local industrial sector, experts told Arab News. Saudi Arabia licensed 115 new factories worth SR1. 63 billion ($430 million) in January 2021, according to data issued by the Ministry of Industry and Mineral Resources. A total of 66 new factories began production, bringing the number of existing and under-construction factories in the Kingdom to 9, 783.

The new licensed factories resulted in 4099 new jobs being created. "The Ministry of Industry and Mineral Resources, through this licensure, is implementing the national industrial development and logistics vision realization program, which aims to transform Saudi Arabia into a leading industrial power," Dr. Osama Ghanem Al-Obaidy, economic adviser and international economic law expert, told Arab News. Al-Obaidy more...