JEDDAH: Saudi Arabia’s Ministry of Industry and Mineral Resources issued licenses to 124 industrial units in October 2020 with total investments reaching SR1.56 billion, official data showed.
According to the ministry’s data, the number of Saudi workers in the industrial sector rose by 2,986 in October.
The total number of existing and under-construction factories hit 9,563 across the Kingdom in October, compared to 9,445 in September 2020.
Industrial units in the Kingdom grew by 1.3 percent in a month.
Minister of Industry and Mineral Resources Bandar Al-Khorayef tweeted: “The industrial sector continued its positive trending for the month of October by employing around 3,000 Saudis and licensing 124 factories that will help create 5,000 jobs in future.”
He expressed his satisfaction over the growth of the industrial sector despite the ongoing coronavirus disease (COVID-19) pandemic that has affected global business.
The Kingdom is working to diversify its economy by encouraging programs to increase exports of goods and services other than oil and related products.
Under the Vision 2030 reform plan, the Kingdom aims to boost its non-oil exports to 50 percent by 2030.
To achieve this goal, the Saudi Export Development Authority will launch a “Made in Saudi” initiative in the first quarter of 2021 to accelerate the industrialization process and transform the Kingdom into a global industrial destination.
The “Made in Saudi” program will provide attractive membership schemes for local companies that meet eligibility criteria. Members will be given fast-tracked access to promotional opportunities together with incentives in partnership with the public and private sectors.
The Kingdom is also planning to accept new mining license applications in December 2020.
The Saudi mining strategy and the Kingdom’s National Industrial Development and Logistics Program (NIDLP) aim to transform the mining sector into the Kingdom’s third pillar of the industry, effectively creating an industry that could compete globally and stand on equal footing with the Kingdom’s already established dominance in petroleum and petrochemicals.
The Saudi government recently announced a comprehensive revision of the Saudi Mining Investment Law that provides a robust and transparent legal framework for the mining sector.