Industry Ministry issues 54 licenses worth SAR 1.05B in March

Logo of Ministry of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources issued 54 new industrial licenses in March 2024, at a total investment value of SAR 1.05 billion, according to a statement.

The new licenses covered five industrial activities, with nine licenses issued in non-metallic mineral products, eight in the food production sector, seven in the manufacturing of casting metals, six in the manufacturing of chemical products, and six for the paper products.

Small enterprises received the majority of new licenses in March, accounting for 77.78% of the total. Medium-sized enterprises came in second with 22.22%.

The national factories led the way in terms of investment type, receiving 98.15% of the new licenses, followed by foreign establishments (1.85%).

The ministry said that 69 factories started actual production in the same month, with a total investment of SAR 1.34 billion. Food products ranked first (12), followed by chemical industries (8), then rubber and plastics (7), non-metallic minerals (7) and paper products (6).

National factories constituted 86.96% of the total plants that commenced actual production in March 2024, followed by foreign factories and joint-investment plants at 8.70% and 4.35%, respectively.

The total number of industrial licenses issued by the ministry in the first two months of the year stood at 324. The number of existing and under-construction factories reached 11,832 by month-end, with total investments of SAR 1.5 trillion, the ministry added.