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19 Oct, 2022
1 min time to read

Saudi Arabia has announced the launch 0f the National Industrial Strategy that aims to reach an industrial economy that attracts investment and contributes to achieving economic diversification.

The Strategy states as its goals the increase in the number of factories to about 36,000 by 2035 and the development of non-oil exports, in line with the objectives of the Saudi Vision 2030.

The strategy focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom, while identifying more than 800 investment opportunities to constitute a new chapter of sustainable growth for the sector.

Saudi Arabia is seeking to triple manufacturing GDP by 2030, increase the industrial exports value to SR557 billion riyals ($148.34 billion), increase the total additional investments in the sector to SR1.3 trillion ($266 billion), increase exports of advanced technology products by about six times, and create tens of thousands of high quality jobs.

Through the National Industry Strategy and in partnership with the private sector, the kingdom will become a leading industrial force, contributing to securing global supply chains and exporting high-tech products to the world,"

said Saudi Crown Prince Mohammed bin Salman, who launched the strategy.

The Kingdom puts the empahsis on increasing private sector's participation in the industrial development. The country has formed the Industrial Council with the private sector, to ensure the participation of industrial investors in decision-making and policy development.