RIYADH: The contribution of the industrial and mineral resources sector to the Kingdom’s GDP has jumped to half a trillion riyals. Meanwhile, the Saudization rate in the country rose to 31 percent by the end of October, according to Bandar Al-Khorayef, the minister of industry and mineral resources.

Al-Khorayef indicated in a press conference held in Mulham, north of Riyadh, on Wednesday that the number of industrial establishments has increased from 8,000 in 2019 to more than 12,000 by December 2025.

The minister praised the Cabinet’s decision to abolish the financial levy on the industrial sector, considering it “a bold decision” that reflects the government’s support for strengthening the sector’s role in economic diversification and achieving the goals of Vision 2030.

The Saudi Cabinet on Wednesday approved the cancellation of the financial levy imposed on expatriate workers in industrial establishments. Al-Khorayef added that the volume of industrial exports grew from SR187 billion ($49.85 billion) to SR220 billion, and sector investments increased from SR 800 billion to SR1.2 trillion.

Approximately 360,000 new jobs were created, bringing the total to 840,000.

While noting the launch of the aviation industry cluster in Jeddah Oasis, he confirmed ongoing discussions with major companies such as Airbus and Embraer (Brazil) to localize the industry.

He explained that the Industrial Development Fund has provided loans and credits worth SR93 billion since the launch of Vision 2030 in 2016 until last October, to finance projects worth SR280 billion.

Al-Khorayef added that the Export-Import Bank has provided financing exceeding SR100 billion since its establishment to finance Saudi exports to numerous countries worldwide.

The vaccine committee has succeeded in localizing between 70 percent and 90 percent of the Kingdom’s insulin needs, he said, and is studying more than 200 “priority” pharmaceutical products for localization.