Investments in Saudi industrial sector exceed $132bn amid diversification push 

The Kingdom issued over 2,000 new licenses for various projects to ramp up its domestic manufacturing capacity. (Shutterstock)
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Updated 28 April 2023
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Investments in Saudi industrial sector exceed $132bn amid diversification push 

RIYADH: Saudi Arabia’s industrial sector is witnessing unprecedented growth, with investments in the Kingdom’s burgeoning manufacturing landscape reaching SR495 billion ($132 billion) in a mere seven years since the launch of Vision 2030.

As part of the wider diversification push, the Kingdom issued over 2,000 new licenses for various projects to ramp up its domestic manufacturing capacity. This helped create around 193,000 new jobs within the industrial sector since the launch of the ambitious vision in 2016 to gradually wean itself off oil dependence.

The mining industry witnessed rapid growth in activities, with the Kingdom granting nearly 1,330 new licenses, attracting more than SR120 billion in investments, according to the latest data from the Ministry of Industry and Mineral Resources.

This all came within seven months from the ministry holding its first auction for new mining exploration licenses in October last year.  

Earlier this month, the ministry shortlisted 13 bidders to receive mining exploration licenses for two of its five exploration sites in the Kingdom.    

The new draw will see the shortlisted bidders compete for permission to dig for valuable metals in two of the key exploration sites in Riyadh and Asir.   

The Ar Ridaniyah site, located in the Saudi capital, contains zinc and silver deposits and spans an area of 75 sq. km.   

Whereas the Muhaddad site in Asir, located in the southwest region of Saudi Arabia, contains copper, zinc, lead, and gold deposits and covers 139 sq. km.      

The announcement comes in line with the ministry’s aims to support investors, enhance investment in the mining sector and encourage national industries. 

The Kingdom also upgraded its mining laws to attract more private players.        

This saw the number of mining complexes in the Kingdom rising to 377 as of the end of 2022, with an estimated area of 44,365 sq. km, according to the latest government data.      

In line with Saudi Vision 2030, the Kingdom aims to transform the mining sector into the third pillar of the national industry and work on exploiting the mineral wealth in the Kingdom valued at around SR5 trillion.     

Furthermore, the number of factories in the Kingdom rose 50 percent since the launch of Vision 2030, the Deputy Minister of Industry and Mineral Resources Osama bin Abdulaziz Al-Zamil said in March.    

His comments came after figures that were released last year showed that the Kingdom had more than 10,000 industrial facilities, with 1,023 factories starting operations in 2022 alone.   


Saudi Aramco achieves significant progress in its gas production plan

Updated 26 February 2026
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Saudi Aramco achieves significant progress in its gas production plan

RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.

The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.

This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.

President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”

He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.

Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.

The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.

Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development. 

Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.

The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.

The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth. 

Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program. 

The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.

Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider. 

It also helps meet the growing demand for natural gas and enhances its supply to national industries. 

The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.