Saudi Arabia posts 66.7% rise in industrial licenses in February
A total of 113 factories also commenced production during the second month of the year, representing a 9.7 percent increase in comparison with the previous month, according to a statement issued by the Ministry of Industry and Mineral Resources.
According to a report from the ministry's National Industrial and Mining Information Center, the new licenses represent investments exceeding SR1.02 billion ($272 million) and are expected to create 1,504 jobs.
These developments are part of a broader trend in the sector. An official study revealed that 1,346 new industrial permits were issued in the first quarter of 2024, paving the way for over 44,000 new job opportunities and attracting investments surpassing SR50 billion ($13.3 billion).
They also align with Saudi Arabia's National Industrial Strategy, unveiled by Crown Prince Mohammed bin Salman in October 2022, which seeks to accelerate sector growth and raise the number of factories across the Kingdom to approximately 36,000 by 2035.
The strategy targets 12 sub-sectors and outlines over 800 investment opportunities, valued at SR1 trillion, with the goal of tripling the nation's industrial gross domestic product.
The issuance of permits also correlates with the Kingdom's National Industrial Development and Logistics Program, launched in 2019, to support the industrial sector and drive sustainable development.
The ministry added in its statement that factories entering the production phase attracted investments totaling SR900 million and generated 4,114 new jobs, underscoring the continued growth and expansion of the country's industrial base as these establishments reach full operational capacity.
Saudi Arabia's Industrial Production Index recorded a 1.3 percent year-on-year increase in January, driven by sustained growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained steady at 103.9, unchanged from December.
The manufacturing sub-index posted a 4 percent annual rise, supported by a 4.3 percent increase in the production of coke and refined petroleum products, as well as a 4.2 percent uptick in chemicals and chemical products.
The report, which monitors key industrial indicators, also revealed that investments linked to newly issued industrial licenses reached SR1.197 billion, with the associated projects expected to create more than 2,500 job opportunities across the Kingdom.
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