RIYADH: Saudi Arabia has issued 1,346 new industrial licenses in 2024, attracting over SR50 billion ($13.3 billion) in new investments, a recent report revealed.
Private sector investments in industrial cities and zones totaled SR1.9 trillion, and the number of licensed workers in the field was 1.09 million, with a 36 percent Saudization rate, the analysis by the Kingdom’s Ministry of Industry and Mineral Resources said.
The new figures are consistent with the nation’s efforts to transform its industrial sector to boost the number of factories to 36,000 by 2035, of which 4,000 will be fully automated. The goal is part of the Kingdom’s strategy to foster a dynamic, innovation-driven industrial sector.
They also align with data from January, when the country’s industrial production index rose by 1.3 percent year-on-year, driven by ongoing growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained stable at 103.9, unchanged from December.
“We have all the capabilities to achieve a competitive and sustainable industrial economy, including ambitious young talent, a distinguished geographical location, rich natural resources, and leading national industrial companies,” the report said, citing Crown Prince Mohammed bin Salman.
“Through the National Industrial Strategy and in partnership with the private sector, the Kingdom will become a leading industrial power, contributing to securing global supply chains and exporting high-tech products to the world,” he added.
The ministry has also developed 454 investment opportunities worth SR143 billion, which are linked to the industrial sectors targeted in the National Industrial Strategy.
The report shed light on how Saudi Arabia has achieved a global ranking of 33 in the Competitive Industrial Production Index.
“This progress reflects the Kingdom’s significant efforts to strengthen its industrial sector as part of Saudi Vision 2030, which aims to diversify the economy and reduce dependence on oil. This achievement also represents an advance of two places from the target, which is 35th place globally,” the Minister of Industry and Mineral Resources, Bandar Alkhorayef, said.
“These visions and objectives set forth major ambitions to align with the Kingdom’s position as an influential regional power within the G20 group and achieve Saudi Arabia 2030, which envisions the Kingdom as a leading industrial nation in which the mining sector is the third pillar of the national economy,” Alkhorayef added.
In June, Saudi Arabia launched the second phase of its standardized industrial incentives program to enhance competitiveness and strengthen the Kingdom’s trade balance.
Speaking at the Saudi Industry Forum in Dhahran at the time, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said the initiative supports the government’s efforts to drive high-value investments in priority sectors.
This comes as the nation works to position itself as a regional and global industrial hub. Since its initial launch, the program has drawn more than 1,000. Of the 118 applications received, 12 have reached the final qualification stage.
