Saudi Gazette report

RIYADH — Saudi Arabia is working to be a major center for a large number of industries, covering the needs of the local market and the markets of the neighboring countries, extending up to the African continent, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

He said that the Kingdom also seeks to exploit its strategic position in reaching global industrial markets.

In an interview with Saudi Television Channel 1, Alkhorayef spoke at length about attracting investments into the industrial sector. “We are making all efforts to attract investors. “There are four tracks that the ministry is working on to stimulate this sector and support promising and priority industries such as oil, mining, and petrochemicals.”

He said that Saudization of industries is a priority of the ministry through a strategy to convert the largest number of imported products to home-made ones as well as building capabilities for the future by adopting modern technologies, artificial intelligence, and the fourth industrial revolution in general, with the creation of industries based on future demand.

“The investment opportunities in the Saudi industrial sector are promising and large and have a great impact on creating jobs, as the advantage of investment in the sector is that one job creates five indirect jobs in other sectors,” he said.

According to Alkhorayef, the Kingdom today did not start from scratch in the industrial sector. Rather, it continues to develop the sector, which began 45 years ago, by moving from a phase that was heavily dependent on natural resources to another phase that depends on maximizing the benefits of industry in all sectors.

“In the coming phase, the added value of the oil and mining sectors will be enhanced, as many supportive policies and legislation have been introduced, such as the Mining Investment Law, expanding the geological survey to include large areas of the Kingdom, and developing infrastructure in industrial cities and similar projects,” he added.