Over 1,300 Saudi industrial licenses awarded in 2024, attracting $13.3bn investment, latest figures show

More than 44,000 new jobs are expected in Saudi Arabia after the Kingdom issued 1,346 industry licenses in 2024, an official report has revealed.

The Ministry of Industry and Mineral Resources announced that the permits have also helped attract investments worth over SR50 billion ($13.3 billion), driving economic growth and diversification.

The ministry added that the jobs figure is based on a report by its National Industrial and Mining Information Center, which analyzes key sector changes.

The issuance of the permits aligns with Saudi Arabia’s National Industrial Strategy, launched by Crown Prince Mohammed bin Salman in October 2022, that aims to drive sector growth and increase the number of factories in the Kingdom to about 36,000 by 2035.

The strategy focuses on 12 sub-sectors, targeting more than 800 investment opportunities worth SR1 trillion, striving toward tripling the industrial gross domestic product.

The analysis by the ministry also shows that 1,075 factories began production in 2024, with investments exceeding SR48 billion and a workforce of about 39,000 employees.

The issuance of permits aligns with the Kingdom’s National Industrial Development and Logistics Program, which was launched in 2019 to support the industrial sector and drive sustainable development.

It also furthers the ministry’s goal of strengthening the industry and diversifying the economy under Vision 2030.

Source: ARABNEWS