Industry Ministry works closely with investors to keep projects on track

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said that the Saudi industrial sector is witnessing significant progress. The industrial strategy identified 800 projects with total investments estimated at around SAR 1.3 trillion, of which projects worth nearly SAR 500 billion are currently underway.

The ministry is working closely with investors to ensure that all projects are on the right track by providing licenses, industrial lands, financing, and the required human resources, Alkhorayef told Argaam on the sidelines of the Multilateral Industrial Policy Forum (MIPF) held in Riyadh.

He further stated that the United Nations Industrial Development Organization (UNIDO) has a vital and essential role, especially in assisting many countries in developing the industrial sector and bolster its growth, noting that the Kingdom has worked with the organization since the launch of the industrial strategy to identify opportunities for integration with other countries.

Global developments, in terms of the challenges that have occurred since the COVID pandemic until the war in Ukraine, have prompted countries to think about attracting industries, said the Minister.

He indicated that these events have restructured some sectors, highlighting that the Kingdom has become a major hub for several global companies seeking to build their capabilities within the Kingdom.

The Kingdom has a clear industrial strategy, leveraging its distinguished natural resources in the fields of oil, gas and minerals, in addition to its geographical location that facilitates access to global markets, Alkhorayef said.

The Minister also hailed the solid infrastructure and political and financial stability that make the Kingdom an attractive destination for industrial investments, as well as competition in the energy sector.

The industrial strategy focuses on 12 industrial sectors that can make the Kingdom a major international partner, such as the automotive sector, in which work has begun with a number of global companies to expand the supply base. There are also the pharmaceuticals, renewable energy and food industries sectors, in addition to investment opportunities to maximize natural resources such as oil and gas and minerals, according to Alkhorayef.

"The Ministry of Industry has launched a program in cooperation with the Ministry of Energy to maximize the utilization of competitive advantages in the gas and minerals sector," he continued.