Saudi Arabia launches comparative feasibility studies in auto sector: Industry Minister

Saudi Arabia started comparative feasibility studies in the auto industry, Okaz newspaper reported, citing Minister of Industry and Mineral Resources Bandar Alkhorayef.

“Saudi Arabia can penetrate the new electric vehicle (EV) industry, mainly batteries,” Alkhorayef said.

Saudi Arabia currently has 5,400 factories, which provide jobs to 600,000 people, including 220,000 Saudi workers. In addition, the country’s 1,800 mining licenses create 13,000 job opportunities.

“Saudi Arabia is supporting the private sector companies to help them provide job opportunities to the Saudi citizens either directly, or indirectly,” Alkhorayef said.

Over the next few weeks, Saudi Arabia is set to undertake two metals exploration projects that will provide accurate data on its natural resources, he added.

Alkhorayef refuted that Saudis have more investment privileges compared to foreign investors; however, investments need to be qualitative, such as technology transfer, which can be used in the industry and mining sectors.

Alkhorayef formed a committee comprising five ministers to address the challenges facing the industry sector, including competition and dumping.