Saudi Arabia continued to see a big growth in the issuance of new industrial licences in April as the kingdom seeks to push more homegrown products into domestic and international markets.
The Ministry of Industry and Mineral Resources revealed that a total of 83 industrial licences were issued last month with a capital of SR1.6 billion compared to just 12 licences issued in the same month last year.
A report issued by the National Centre for Industrial Information, also said that the number of operating industrial facilities has reached 10,029 by the end of April with investments valued at more than SR1.1 trillion.
The industrial sector created around 1,049 job opportunities for Saudis during April with the number of expatriate workers entering the sector reaching nearly 4,427.
According to the report, small-sized factories constituted around 90 percent of the licences granted with 29 percent established in Riyadh, followed by 25 percent and 12 percent in the Eastern and Makkah regions respectively.
The data also showed that 19 percent of the newly issued licences were granted to 16 food manufacturers followed by 11 nonmetallic mineral product manufacturers.
A total of 41 factories began production last month, with a growth rate of 5 percent compared to the previous month and a growth of 200 percent compared to the same month last year.
The figures follow the launch of a major new trade initiative aimed at pushing homegrown products into more markets both at home and abroad.
The Made in Saudi program offers a big package of advantages and opportunities to member companies with the aim of expanding their scope of work and promoting their products locally and internationally, where they can use the initiative’s logo as a sign of quality.
The initiative aims to bolster Saudi Vision 2030 through supporting the private sector to contribute 65 percent of the country’s GDP and increasing the share of non-oil exports to 50 percent by 2030.
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