Industrial projects need 5 years to begin production, says Al-Khorayef

The industrial projects in Saudi Arabia need around 5 years to commence production, Al Sharq Al-Awsat newspaper reported, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef.

“We need around 1-1.5 years to study the proposed project, its financing, in addition to the construction phase, which may take another 2-3 years,” Al-Khorayef said.

He also added that the ministry is capable of fulfilling the targets of Saudi Vision 2030 in the industry and the mineral resources sector; however, “what has been achieved so far was unsatisfactory.”

The ministry should create the proper investment environment either locally or internationally, he noted.

“We are concurrently undertaking 2 projects, including the mining system which is expected to be announced soon, and the geological database which is forecast to take 5 years,” Al-Khorayef indicated.