Saudi Arabia on Tuesday launched its new national strategy for industry, aimed at making the country a manufacturing power house and accelerating its economic diversification drive.
The new industrial strategy envisages tripling the country’s industrial domestic product and doubling the value of industrial exports to reach SAR557 billion ($148.2 billion).
It also targets to attract SAR1.3 trillion ($350 billion) of additional investment in the sector, besides increasing exports of advanced technology products by around six times and creating tens of thousands of quality, high-value jobs.
The new programme was launched by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs.
“We have all the capabilities we need to enable a competitive and sustainable industrial economy – from ambitious young talent, a distinguished geographic location, rich natural resources and the presence of leading national industrial companies,” said the Crown Prince.
“Through the national strategy for industry and in partnership with the private sector, the kingdom will become a leading industrial power that contributes to securing global supply chains and exporting high-tech products to the world,” he said.
The new industrial strategy is expected to drive growth in the sector to take the number of industrial facilities to around 36,000 by 2035. It focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom.
The programme has identified more than 800 investment opportunities worth SAR1 trillion.
The new strategy initiative – in line with the objectives of the Saudi Vision 2030 – aims to build an industrial economy that attracts investment, contributes to achieving economic diversification and develops the Kingdom’s domestic product and non-oil exports.
The latest programme follows the launch of the national industrial development and logistics programme and establishment of an independent ministry to oversee the sector.
These programmes have led to an increase in the number of industrial establishments by more than 50 percent since the launch of the Vision, reaching 10,640 industrial facilities in 2022.
Through the Strategy, the kingdom aspires to empower the private sector and increase the flexibility and competitiveness of the industrial sector.
To achieve these ambitious national objectives, a governance model for the industrial sector has been developed by forming a supreme committee for industry, headed by the Crown Prince to oversee the development of the sector.
An industrial council has also been created with the participation of the private sector, to ensure the participation of industrial investors in decision-making and development policies.
Currently, Saudi Arabia is the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to supplying global supply and manufacturing chains, across many industries.
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