Saudi Arabia to boost investments in industry sector, says minister

Saudi Arabia’s Ministry of Industry and Mineral Resources will work thoroughly to boost investments in the industry sector and make it the first investment option in the Kingdom, the newly appointed minister Bandar Alkhorayef said on his Twitter account.

King Salman has issued on Friday a royal decree appointing Bandar bin Ibrahim bin Abdullah Alkhorayef as Minister of Industry and Mineral Resources.

Read: Meet Bandar Alkhorayef, Saudi Arabia’s new Minister of Industry & Mineral Resources

Alkhorayef added that investing in the industry sector would have a positive impact on sustainable development, generate new job opportunities for young Saudis, and pave the way for new investments opportunities in different related sectors.

The optimum utilization of mineral resources and stimulating investment opportunities will help double local content rates and boost economic growth, the minister stated.

For his part, Saudi minister of energy, Khalid Al-Falih, stressed the high importance of enhancing integration between energy, industry and mineral resources sectors, and working jointly with the Ministry of Industry and Mineral Resources in line with Saudi Vision 2030.