RIYADH: Saudi Arabia’s industrial sector continues to attract significant investments, with new industrial ventures reaching an impressive value of SR8.2 billion in the first quarter of 2023.
The Ministry of Industry and Mineral Resources (MIM) has granted 332 new industrial investment licenses, contributing to the growth and diversification of the country’s industrial landscape.
Furthermore, during the same period, 300 factories commenced production with a combined investment of SR7.9 billion. These developments highlight the expanding industrial capabilities and the ongoing commitment to fostering a thriving manufacturing sector in Saudi Arabia.
Increase in Number of Factories in Saudi Arabia
As per the monthly bulletin of industry and mining, the total number of factories in the country has reached 10,800 by the end of March 2023, with a remarkable investment value of SR1.4 trillion. This underscores the significant scale and potential of the Saudi industrial sector.
Moreover, these industrial investments have resulted in the creation of 28,000 job opportunities, with a noteworthy emphasis on empowering Saudi citizens. Approximately 54% of the newly generated jobs were offered to Saudi nationals, highlighting the commitment to enhancing local employment and supporting the country’s workforce.
In addition to industrial ventures, the mining sector has also witnessed growth, with the total number of valid mining licenses reaching 2,314 during the same period. This indicates the ongoing exploration and extraction activities taking place in Saudi Arabia’s rich mineral resources.
