In 2022, industrial investments in Saudi Arabia increased by SR32.03 billion ($8.54 billion) as the Kingdom increasingly diversified its economy in accordance with Vision 2030 aims.
According to the Ministry of Industry and Natural Resources’ monthly bulletin, the total volume of industrial investments in Saudi Arabia until December 2022 is SR1.428 trillion. From January 2022 to December 2022, 1,023 factories began operations, with investments totaling SR28.79 billion, and 964 industrial licenses were awarded.
Saudi Arabia’s industrial sector produced 51,723 employment possibilities within the same time period, according to the ministry’s monthly bulletin.
The ministry issued 2,272 mining licenses till the end of December 2022, which included 1,383 construction materials quarry licenses, 635 exploration licenses, 178 mining and small mine exploitation licenses, 43 reconnaissance licenses, and 33 surplus mineral ores licenses.
Earlier this month, Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al-Khorayef, stated that the Invest Saudi platform offers 212 industrial investment possibilities in the Kingdom.
The platform now offers 82 of the 163 investment possibilities originally declared by the Kingdom’s national policy Vision 2030, with the remainder expected to be added by the end of 2023.
Saudi Arabia is one of the world’s fastest-growing industrial countries, with an average annual growth rate of 7.5 percent, Invest Saudi website
According to a recent assessment by The Payne Center for Public Policy at the Colorado School of Mines in the United States, Saudi Arabia is poised to become a “global leader” in the mining sector due to its favorable investment climate.