The Saudi Crown Prince, Prince Mohammed bin Salman, launched the national strategy for the industry, which aims to achieve an industrial economy that attracts investment and contributes to economic diversification by developing exports of domestic and non-oil products.
On the possibilities of industrial strategy, the crown prince said: “We have every chance to achieve a competitive and sustainable industrial economy, including ambitious young talent, a distinct geographic location, rich natural resources and leading national industrial companies.”
The industrial sector is one of the pillars of Saudi Vision 2030.
Saudi Arabia launched the National Industrial and Logistics Development Program and established an independent ministry to take care of the sector and a number of other programs and entities.
The number of industrial establishments in Saudi Arabia, which did not exceed the established 7,206 factories in 42 years old, it doubled, an increase of more than 50% after the launch of the vision to reach 10,640 industrial plants in 2022.
The national strategy for the industry will drive the growth of the sector, bringing the number of plants to approximately 36,000 plants by 2035.
Read more: Prince Mohammed bin Salman launches the national industrial strategy
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