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Press Dossier    By Date   18/02/2023 Saudi Arabia has more than 212 industrial investment opportunities: Minister

Arab News, Saturday, Feb 18, 2023 | Rajab 27, 1444

Saudi Arabia has more than 212 industrial investment opportunities: Minister

Saudi Arabia: Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al-Khorayef, has confirmed there are 212 industrial investment opportunities through the Invest in Saudi platform.

The platform currently presents 82 out of the 163 investment opportunities previously announced by the Kingdom’s national strategy Vision 2030, and will add the rest by the end of 2023. 

During his participation in Al-Ahsa Investment Forum 2023, the Minister indicated that the industrial sector is one of the focal points of Vision 2030 which aims to achieve an industrial renaissance and unleash enormous capabilities into the strategic sector, Saudi Press Agency reported. 

Saudi Arabia is one of the world’s fastest growing countries in the industrial sector with an average growth rate of 7.5 percent per year, according to the Invest Saudi website. 

The Kingdom is empowering the industry through three main goals set to develop a comprehensive map to accelerate the pace of development. 

These are building a flexible industrial economy that is capable of adapting to change, forming an integrated industrial center to meet demand, and achieving global leadership in manufacturing certain products. 

He added that the national strategy will build and strengthen supply chains with international standards, develop the industrial business environment, and promote trade, innovation, and knowledge. 

Al-Khorayef explained that Al-Ahsa governorate currently has 224 valid mining licenses and 12 mining complexes which play a huge role in the Kingdom’s mining sector, in addition to the industrial city Modon which hosts 300 factories. 

The Kingdom’s mining sector has major investment opportunities that are set to create over 14,000 new jobs and attract over $32 billion in investments. 

As of last December, the Kingdom is processing 145 exploration license applications sent in by foreign companies and is thought to have an estimated reserve of untapped mining potential valued at $1.3 trillion. 

Al-Khorayef stated that Al-Ahsa governorate has clear comparative advantages to contribute to major sectors such as energy, industry, mining, and logistics, and it also represents an important starting point for strengthening the base of traditionally existing activities.

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