Saudi invests $400bn in factories as oil industry slows

Saudi invests $400bn in factories as oil industry slows

Total investment in Saudi Arabia’s industrial sector has risen by nearly 10 percent in a year, to reach SAR1.5 trillion ($400 billion). The official figures, released by the Saudi Press Agency, show growth of 1.5 percent in the third quarter of 2023 and growth of 9.3 percent for the year to Q3. The non-oil economy […]

Annual rise of 9.3%

Non-oil economy to lead

11,273 factories in kingdom

Total investment in Saudi Arabia’s industrial sector has risen by nearly 10 percent in a year, to reach SAR1.5 trillion ($400 billion).

The official figures, released by the Saudi Press Agency, show growth of 1.5 percent in the third quarter of 2023 and growth of 9.3 percent for the year to Q3.

The non-oil economy is expected to drive growth this year, according to analysts from BMI.

Oil production is set to remain subdued after a 7 percent contraction in 2023. As a result BMI has revised down its forecast for Saudi Arabia’s real GDP growth this year to 2.6 percent, from 3.3 percent. 

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November data on manufacturing production showed a 3.3 percent annual decline in output which