Investments in Saudi industry sector account for SAR 1 trln: Minister

A total of 7,551 licensed plants is currently operating in Saudi Arabia with more than 800,000 workers, said Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef during the First Saudi International Iron & Steel Conference held in Riyadh.

He also announced that investments in the industry sector account for SAR 1 trillion, noting that the kingdom is seeking to boost further investments to pave the way for investors to prioritize the industry sector.

Also Read: Saudi Arabia to boost investments in industry sector, says minister

Alkhorayef stated that the country is producing more than 14 million tons per annum (pa) of steel.

Saudi Arabia is witnessing strong demand for steel, given the revamp taking place in the building and construction activities, in addition to the competitive cost structure, developed infrastructure, geographical location and the business climate, Alkhorayef noted.

Despite higher local output, the Kingdom came amongst the top global importers of steel at 4 million tons pa.

“We will overcome challenges facing the industry segment with new programs and initiatives aimed at bolstering the local content, fulfilling self-sufficiency, increasing exports and introducing higher-value products,” Alkhorayef indicated.

The First Saudi International Iron & Steel Conference is held in Riyadh on Sep. 16-18.