Industrial investments up by $8.54bn in 2022

According to the Ministry of Industry and Mineral Resources, Saudi Arabia’s industrial investments rose to SR32.03 billion ($8.54 billion) in 2022. The kingdom has been working to diversify its economy to meet the goals outlined in Vision 2030. The total volume of industrial investments until December 2022 was SR1.428 trillion. From January 2022 to December 2022, 1,023 factories began operations with investments amounting to SR28.79 billion, and 964 industrial licenses were issued. The ministry’s monthly bulletin reported that the industrial sector created 51,723 job opportunities during the same period.

The number of mining licenses issued by the ministry until the end of December 2022 were to 2,272 licenses, including 1,383 building materials quarry licenses, 635 exploration licenses, 178 mining and small mine exploitation licenses, 43 reconnaissance licenses, and 33 surplus mineral ores licenses. Minister of Industry and Mineral Resources Bandar Al-Khorayef stated earlier this month that there are 212 industrial investment opportunities in the Kingdom through the Invest Saudi platform. The platform currently offers 82 of the 163 investment opportunities announced by Vision 2030’s national strategy and will add the remaining opportunities by the end of 2023.

The industrial sector is one of Vision 2030’s primary focuses, and Saudi Arabia is one of the world’s fastest-growing countries in the sector with an average annual growth rate of 7.5 percent, according to the Invest Saudi website. Saudi Arabia’s mining sector is a vital part of the country’s economic diversification efforts. A recent report by The Payne Institute for Public Policy at the Colorado School for Mines in the US projected that Saudi Arabia would become a “global leader” in the mining sector due to its favourable investment atmosphere. Al-Khorayef emphasised that Vision 2030 aims to achieve an industrial renaissance and unlock significant potential in the strategic sector.