Saudi Minister of Industry Announces 50 Investment Opportunities in Machinery, Equipment Sector

Saudi Minister of Industry Announces 50 Investment Opportunities in Machinery, Equipment Sector

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef 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.

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 Company's project for a production line for the product “Altivar Modular Drives” by providing data, information, and a study report for supply chains.

The total value of the project is $2.6 million, and the production line was opened and put into operation at the end of 2022.

AlKhorayef also revealed that the “Future Factories Program,” an initiative adopted by the Ministry,