Saudi Arabia imported more than 2.4 million vehicles at the cost of SR 181 billion in the past three years, whereas the value of its imports of automotive parts and accessories stood at nearly SR 19 billion, according to the General Department of Statistics.
Commerce and Industry Tawfiq Al-Rabiah said a number of auto firms such as Mercedes, Land Rover and other companies had expressed willingness to set up auto factories in the Kingdom.
The auto firms are in talks with the national industrial clusters program (NICP), he said.
The NICP aims to attract and provide support for the establishment of car assembling projects.
Azaam Alshalabi, chief of NICP, said car production in the Kingdom is estimated to hit 600,000 units by 2025.
Economists say that the Kingdom can achieve success in the auto industry because of the availability of basic materials such as iron, plastic, aluminum and glass, in addition to supportive industries.
The Council of Ministers recently approved the extension of NICP for another five years as part of efforts to strengthen the Kingdom’s drive toward industrialization.
Recent reports said the Kingdom offers lucrative investment opportunities in five key industrial sectors. They are minerals and metals; automotive, plastics and packaging; home appliances and solar energy.
Teams of professionals are available in each of these fields to offer consultation and technical support to investors, officials said.
Auto giants ‘in talks to set up KSA manufacturing ventures’
Auto giants ‘in talks to set up KSA manufacturing ventures’
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
