373.251 billion USD the volume of investments in the industrial sector in Saudi Arabia
The Ministry of Industry and Mineral Resources of Saudi Arabia has released its latest April 2023 Monthly Bulletin of Industry and Mining, aimed at providing key insights into the Kingdom’s industrial and mining sectors. The bulletin is published monthly and covers the latest developments, trends, and investments in these sectors, proving a vital tool for investors.
The bulletin issued by the National Industrial and Mining Information Center indicated that during the period from January to April 2023, 385 new industrial licenses were issued with investments amounting to 14 billion riyals, while 314 factories started production with investments exceeding 8.105 billion riyals, enabling the sector to create more than 29,000 job opportunities, 15,000 of these jobs being for Saudis, Indicating a total workforce of 726,750 workers by the end of April.
In addition, the total number of factories in the Kingdom at the end of last April reached 10,873 factories, with investments amounting to 1.4 trillion riyals (373.251 billion USD) .
As for the mining sector, the bulletin indicated that the total number of mining licenses in force in the sector until the end of April 2023 amounted to 2,336 licenses, including: 1,454 building materials quarry licenses, 634 exploration licenses, 180 exploitation and small mine licenses, 36 reconnaissance licenses, and 32 surplus mineral ores licenses.
The Monthly Bulletin of Industry and Mining is part of Saudi Arabia’s broader industry and mineral resources strategy. The Kingdom has been actively diversifying its economy and reducing its dependence on oil for revenue. The development of the industrial and mining sectors is a key component of this strategy, and the Ministry of Industry and Mineral Resources has been leading the efforts to achieve this goal.
The Saudi Arabian government has been encouraging investment in the industrial and mining sectors by offering various incentives, including tax exemptions, land grants, and streamlined licensing processes. The data presented in the bulletin highlights the success of these efforts, and the growth of Saudi Arabia’s industrial and mining sectors is expected to benefit the country’s overall economy.