RIYADH: Amid Saudi Arabia’s ongoing industrial expansion, the number of factories in the Kingdom increased to 11,000 this year, a substantial increase from 8,800 in 2019, according to a government official.
Speaking at the Industrial Sector Enablers’ Forum, organized by the Riyadh Chamber, Mohammed Al-Swailem, the undersecretary of the Ministry of Industry and Mineral Resources for industrial services, revealed that the Kingdom is targeting 36,000 establishments by 2035, in alignment with the national industrial strategy.
In August 2023 alone, the number of factories witnessed a 3.76 percent increase, reaching 11,110, compared to 10,707 in the same month the previous year.
The forum, held in collaboration with the ministry and represented by the Industrial Committee, aims to highlight the identified potentials that will empower the industrial sector to achieve its objectives within the framework of Saudi Arabia’s Vision 2030.
Al-Swailem emphasized that the forum’s objectives include enabling the industrial sector to actively contribute to economic development.
Furthermore, Abdullah Alkhorayef, chairman of the Industrial Committee at the Riyadh Chamber, highlighted that the forum is an integral part of the chamber’s initiatives to foster communication with sector officials, offering a platform to address pressing concerns and work collaboratively on solutions.
He commended the identification of industrial potentials, recognizing them as a top priority for achieving economic development.
The forum was attended by several officials from the Ministry of Industry and Mineral Resources and encompassed discussions on various industry potentials.
These talks covered topics such as enhancing competitiveness, ensuring the sustainability of industrial enterprises, and fostering export development.
Moreover, the forum underscored the mission of the Industrial Services Agency, the significance of the Future Factories Program, and the objectives of the industrial councils.
In February, Deputy Minister of Industry and Mineral Resources Osama Al-Zamil announced Saudi Arabia’s ambitious plan to boost the number of factories by 50 percent over the next five years, with an injection of SR1.4 trillion ($370 billion) into the industrial sector.
He reiterated this goal during the launch of the Sanaei platform at the second edition of the LEAP technical conference in Riyadh, reaffirming the Kingdom’s long-term vision to ultimately see the current number of such facilities reach 36,000 by 2035.