Industry Ministry limits growth challenges to 1,000 factories in 2024

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The Ministry of Industry and Mineral Resources said 1,000 factories faced growth, expansion challenges during 2024.

The ministry conducted field visits to micro, small, and medium-sized factories, covering nearly 1,000 factories in 2024.

According to the ministry's statement, the visits aimed to identify challenges related to growth and expansions and develop innovative solutions to address these challenges. These solutions are designed to stimulate the expansion of factories, enhance their product offerings, and support industrial development in Saudi Arabia.

Key challenges include addressing unlicensed manufacturing operations to ensure fair competition; improving cost efficiency and regulating imports of products that are abundantly manufactured locally; expanding mandatory requirements to include supply chain components in the manufacturing process and enhancing the working capital by providing streamlined financing mechanisms for raw material purchases.

The ministry’s industrial affairs unit schedules quarterly visits to cover industrial cities across the Kingdom. Visits are prioritized based on reports of challenges.

So far, 194 challenges have been resolved and the factories concerned notified of the solutions. Meanwhile, work is ongoing to address 537 challenges in cooperation with relevant departments in the industry and mining sectors.