RIYADH, Oct 19 (NNN-SPA) – Saudi Arabian Crown Prince, Mohammed bin Salman bin Abdulaziz Al Saud, yesterday launched the National Industry Strategy, that aims to turn the kingdom into a leading industrial power.
The strategy covers 12 sub-sectors, with more than 800 investment opportunities, worth one trillion Saudi riyals (226 billion U.S. dollars).
The investments will contribute to the sector’s sustainable development, to achieve economic revenues, including doubling the industrial GDP by three-fold, and raising the industrial exports to 557 billion Saudi riyals, it said.
Crown Prince Mohammed highlighted the kingdom’s potential to reach a competitive and sustainable industrial economy, including talented youth, geographic location, natural resources and national pioneer companies.
He said that, through the strategy and the partnership with the private sector, the kingdom would become a leading industrial power.
The previous years’ efforts to promote the sector, including the launch of the National Industry Development Programme, have increased the number of factories from 7,206 to 10,640, it was reported.
The strategy looks forward to increasing the number of factories to 36,000 by 2035, it added.– NNN-SPA
