RIYADH: The ‘Made in Saudi’ initiative aimed at supporting national products and services will create 1.3 million jobs in the mining and industrials sectors for the country’s citizens, said Minister of Industry and Mineral Resources Bandar Alkhorayef on Wednesday.
The program, officially launched on March 28, aims to help increase the Kingdom's non-oil exports to 50 percent of the total from about 25 percent today, and raise the contribution of the private sector from 40 percent to 65 percent, Alkhorayef said during a government conference, Asharq reported.
‘Made in Saudi’ is focused on construction, textiles, pharmaceuticals and medical, processed and fresh produce and is open to any company with a valid license to operate in the Kingdom that grows, extracts or produces their wares in Saudi Arabia.
"We currently have 10,000 factories in the Kingdom, with investments of 1.1 trillion ($293 billion), and the Kingdom's products reach more than 178 countries around the world," Alkhorayef said.
A strategic plan to develop the consumer products industry through localization is in place, he said.
Crown Prince Mohammed bin Salman on Wednesday launched Shareek, an SR12 trillion program to boost the role of the private sector in diversifying the economy.
Under the program, private sector businesses will be helped to invest SR5 trillion between now and 2030, along with SR3 trillion from the country's sovereign wealth fund, the Public Investment Fund (PIF), and SR4 trillion as part of a new national investment strategy.
The SR5 trillion that major companies pledged to spend within the Shareek program came based on a set of incentives, including the business environment, and some exemptions granted to each sector, said Alkhorayef.
Companies will spend more to expand and take advantage of opportunities instead of distributing all profits to shareholders, he said.
‘Made in Saudi’ to create 1.3 million mining, industrial jobs for Saudis, minister says
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‘Made in Saudi’ to create 1.3 million mining, industrial jobs for Saudis, minister says
- 'Made in Saudi' to help increase Kingdom's non-oil exports to 50%
- 'Made in Saudi' was launched on March 28
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
