NIDLP attracts SAR 400 bln investments since launch: CEO

Suliman Almazroua, CEO of National Industrial Development and Logistics Program

The National Industrial Development and Logistics Program (NIDLP) has attracted nearly SAR 400 billion in investments since launch, Al Eqtisadiah newspaper reported, citing Chief Executive Officer Suliman Almazroua.  

NIDLP seeks to lure investments to the tune of SAR 1.4 trillion, which will cover its four sectors, by 2030, Almazroua added.  

Saudi Arabia will soon launch the Saudi Coordination Mining Council, as the mining industry is currently subject to an accelerated transformation phase, which has begun since the launch of its strategy, the issue of the Mining Investment Law, the establishment of the state-owned mining services firm, and the launch of the world’s largest geological survey program, he noted. 

The executive regulations of the industry are currently under review to improve the investment environment and make it more stable and attractive.  

Almazroua also indicated that operations at the plant for manufacturing of giant vessels, a joint venture between Saudi Aramco and South Korea’s Hyundai Heavy Industries Co., will be launched soon.  

He also spoke of the plans to build a shipyard and manufacturing industries complex on Ras Al-Khair Port, noting that the potential economic zone will help accelerate the access of supply chains.