Saudi Industrial and Mining Investments Hit 1.5 Trillion SAR
In the past 365 days, Saudi Arabia's industry and mining sector has achieved significant milestones, with investments reaching a staggering 1.54 trillion SAR ($410 billion). The Ministry of Industry and Mineral Resources reported issuing 152 industrial licenses from the beginning of last year to the end of January. Currently, there are 11,672 active and under-construction factories, demonstrating the Kingdom's robust industrial expansion.
Additionally, SaudiArabia has announced substantial new discoveries, including significant gold deposits along a 100 km stretch at the Mansourah and Masarrah mines, with an annual production capacity of 250,000 ounces. This discovery highlights the untapped potential of the Kingdom's mineral resources.
"Sky News Arabia" released details from the National Center for Industrial and Mining Information's report today, indicating a 10% increase in the number of operational factories in 2023. The total rose from 10,518 factories in 2022 to 11,549 last year. The ministry issued 1,379 new industrial licenses last year, with investments exceeding 81 billion SAR, and 1,058 factories commenced production, investing 45 billion SAR.
Deputy Minister for Mining Affairs, Engineer Khaled Al-Mudaifer, stated that the Saudi Industrial Development Fund is financing up to 75% of the costs for advanced exploration and mining projects for all minerals, and is providing financing products for medium and downstream manufacturing, SMEs, digitization, renewable energy, and increasing local content.
Saudi Arabia has also increased its mineral wealth estimate to 9.4 trillion SAR ( $2.5 trillion) and has offered exploration incentives worth approximately 682.5 million SAR ($182 million) by the end of the year. This strategic focus underscores the Kingdom's commitment to diversifying its economy and enhancing its industrial and mining capabilities.
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