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Saudi Arabia launches major industrial programme

Saudi Arabia has launched its National Industry Development and Logistics Program which aims to transform the kingdom into a leading industrial power and global logistics hub.

For its positive impact on the Saudi economy, the programme is one of the biggest 13 programmes in the Kingdom Vision 2030. It consolidates the sectors of industry, mining, energy and logistics, said a Saudi Press Agency report.

The programme was launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Vice President of the Council of Ministers and Minister of Defense.

The programme seeks to develop qualitative industries, increase non-oil exports, reduce imports, raise the contribution of the target sectors to the kingdom's gross domestic product (GDP) and attract foreign investments.

In a statement to SPA, Engineer Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, said: "We have worked over the past period to develop plans, prepare initiatives, attract investors, and transfer initiatives and ideas into sustainable development projects. We prepared and launched incentives and potentials to support and encourage the private sector which is a strategic development partner in this programme.

"By 2030, the programme aims to increase the contribution of the four sectors -- industry, mining, logistics and energy -- in the GDP into SR1.2 trillion. The programme seeks to stimulate investments worth more than SR1.7 trillion, raise non-oil exports to more than SR1 trillion, and develop the labour market through creating 1.6 million new jobs," Engineer Al-Falih said.

With regard to the launching ceremony and forum, Al-Falih affirmed that the forum includes detailed presentations on the programme and its key sectors, initiatives and investment opportunities, adding "we offer for our partners, the private sector, 65 unique investment opportunities with attractive returns of about SR80 billion in all four sectors. We prepare 20 rooms, called "Rooms of Deals", to hold direct meetings among the relevant bodies and the private sector's institutions."

During the ceremony, 37 agreements and memorandums of understanding were signed, in addition to another 29 agreements and memorandums of understanding, which were declared and to be signed, later on, between the government agencies and private sector institutions.

The total value of these agreements and memorandums of understanding is estimated at about SR205 billion.

On the other hand, more than 25 agreements and memorandums of understanding have been signed on the sidelines of the "Future Investment Initiative 2018" forum, with a total value of about SR210 billion, including SR165 billion that is a part of the National Industry Development and Logistics Program.
  • Saudi Arabia
  • Industrial Development
  • Global Logistics Hub
  • Economy
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