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Discuss this article (0 Comments)Saudi Arabia's new industrial revolution
by This email address is being protected from spam bots, you need Javascript enabled to view it on Friday, 14 September 2007
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Saudi Arabia is experiencing an industrial renaissance that points to huge manufacturing and engineering opportunities in all areas over coming years.
Current estimates indicate that the value of industrial projects to be awarded in the oil and gas sector in the coming four years is expected to reach US$53bn, the petrochemical sector US$50bn, the electricity and energy industry around US$18bn, and the water and the desalination sector at upwards of US$4bn. The Saudi Arabian mining sector has also seen massive growth over recent months with momentum building to exploit and develop Saudi Arabia's vast but still largely untapped solid mineral resources.
A new investment code aimed at stimulating local and foreign investment in Saudi mine ventures has been introduced to translate growing interest into projects on the ground.
The Saudi Arabian General Investment Authority (SAGIA) hopes that the Kingdom's mining sector will become a ‘third pillar' of the economy after oil and petrochemicals.
On the back of this countrywide industrial expansion, the Kingdom's Mohammad Al Mojil Group (MMG) recently announced revenues totalling US$235.3m for the six-month period ending June 30 2007.
These mark a staggering growth rate of 206% compared to 2006 figures for the same period. The company's operating profit during the first six months of 2007 stood at US$76.4m, reaching a growth rate of 336% on last year's figures.
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