Saudi Industry Investments Exceed $346 Billion

Saudi Industry Investments Exceed $346 Billion

The value of investments in the Saudi industrial sector amounted to 1.3 trillion riyals ($346.6 billion), with the imminent activation of the Kingdom’s National Strategy for Industry by the beginning of 2023.

Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI), pointed to the rapid and qualitative growth of military industries in the Kingdom.

Since the formation of the Authority, the total number of establishments reached 156, with an estimated investment volume of 40 billion riyals ($10.6 billion), Al-Ohali said on Monday.

The establishments employ 21,000 people, including Saudis who receive the best training opportunities to enhance knowledge and expertise in this vital sector, he told a panel discussion on the role of national industry in facing risks. The panel was part of the Budget 2023 Forum in Riyadh.

Organized by the Ministry of Finance, the forum concluded its two-day sessions on Monday at the King Abdullah Petroleum Studies and Research Center (KAPSARC), with the participation of senior officials from the public and private sectors.

Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil noted that the value of investments in the industrial sector amounted to 1.3 trillion riyals.

He revealed that the National Strategy would offer more than 800 investment opportunities