Saudi Arabia’s industrial sector attracts $18.6 bln in past seven months

The volume of investments attracted by Saudi Arabia’s industrial sector during the past seven months has exceeded $18.6 billion, according to a Tweet by the Kingdom’s Minister of Industry and Mineral Resources Bandar bin Ibrahim al-Khorayef.

“This leap is a translation of the support of our wise leadership and the industrial transformation that the Kingdom is witnessing, a golden age for industry, and an important indicator that reflects the attractiveness of the sector and its ability to attract capital,” the minister added.

The National Industrial Development and Logistics Program was launched at the beginning of 2019, out of the Kingdom’s leadership belief in the importance of the program’s four sectors and via integration to maximize their contribution to the Kingdom’s efforts to grow and diversify the economy.

The program also focuses on the two enabling pillars of local content and the 4th Industrial Revolution (4IR), given their importance towards enabling the main sectors to reach their pre-set strategic objectives.

The National Industrial Development and Logistics Program had numerous achievements since its commencement which includes but not limited to the launch of the largest in its kind geological survey program for the Arabian Shield region.

It also achieved remarkable progress in international connectivity by adding five new shipping lines to the Kingdom’s ports, inaugurating the first locally manufactured fast intercept boat, the launch of multiple utility-scale renewable energy projects and strides of progress in military equipment localization as well as the global launch of the “Saudi Made” program.

The program tends to achieve its goals by developing world-class infrastructure for its sectors, designing new policies, and regulations to unlock value, increasing the value from the Kingdom’s resources and drastically improving global connectivity and access to markets. All in the aim of developing a sustainable comparative advantage that will place the Kingdom at the forefront of investment attractiveness.

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