The industry in the Kingdom of Saudi Arabia is witnessing a remarkable and significant development due to the great interest and support
in the establishment of industrial cities, months before now, the Saudi government launched a program for the development of the Saudi national industry, which is one of the strategic plan programs for the Vision 2023 program.
Industrial Statistics in Saudi Arabia
A significant development occurred in the field of industry, especially factories, and the number of factories increased from 206 factories in 1974 to 7630 factories in 2018.
The Saudi invested capital also increased from 1 billion riyals from 1974 to 1 trillion riyals in 2018.
The labor force increased from 10,000 workers to one million Saudi workers.
And with the development of industries, the most important of which are oil, petroleum, iron and steel, chemical products,
Saudi Arabia established the Ministry of Industry and Mineral Resources.
The Kingdom’s plan from now to 2030 is to reach 33% of the industrial sector’s contribution to domestic production.
Saudi Industrial Products Export
The Saudi industries have entered into a major challenge with the major international markets, especially in meeting the Saudi need for Saudi products
Saudi Arabia was pumping huge money to develop economic development, as well as the Ministry of Industry and Mineral Resources emphasizes the need to export Saudi products and goods to become the largest market in the world in terms of quality of the products provided and exported.
The Importance of Industry in Saudi Arabia
- It contributes to raising the level of productivity in Saudi Arabia and this works to reduce imports from countries abroad.
- It works to raise the rate of the national and local economy as well as increase growth in other industries.
- Industry itself is working to increase income, in addition to labor resources.
Also read: The Most Famous Industries in Saudi Arabia
Also read: How to Set up a Company in Saudi Arabia
