RIYADH: Saudi Arabia has issued 1,346 new industrial licenses in 2024, drawing more than SR50 billion ($13.3 billion) in fresh investments, according to a recent report.
A report from the Kingdom’s Ministry of Industry and Mineral Resources said that private sector investments in industrial cities and zones have reached SR1.9 trillion.
The industrial sector currently employs 1.09 million licensed workers, with a Saudisation rate of 36 percent.
The latest figures align with Saudi Arabia’s broader strategy to transform its industrial sector, aiming to increase the number of factories to 36,000 by 2035, including 4,000 fully automated facilities.
This initiative is part of the Kingdom’s vision to build a dynamic, innovation-led industrial economy.
These numbers also correspond with January data from the General Authority for Statistics, which reported a 1.3 percent year-on-year increase in the Industrial Production Index, driven by continued growth in manufacturing and waste management.
On a monthly basis, the index held steady 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 created 454 investment opportunities worth SR143 billion, which are linked to the industrial sectors targeted in the National Industrial Strategy.
“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 Vision 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 standardised industrial incentives programme, aimed at enhancing competitiveness and strengthening the Kingdom’s trade balance.
