The boost aligns with Saudi Arabia's intent to expand industrialization and hit a goal of 36,000 factories by 2035.

The spokesperson for the industry minister, Jarrah bin Mohammed Al-Jarrah, announced that SR1.54 trillion ($48.4 billion) fueled the establishment of these new industrial ventures. Furthermore, the kingdom issued 1,379 new industrial licenses in 2023, representing over SR81 billion in investments.

Production commenced in 1,058 factories within the same year, backed by SR45 billion in investments. Key sectors seeing growth included the food industry with 244 licenses, non-metallic mineral product manufacturing with 176, and metal product formation with 165 licenses, among others.

Saudi Arabia aims to reach 36,000 factories by 2035, with plans for 4,000 to be fully automated, leveraging advanced technologies such as AI, 3D printing, and robotics to spearhead industrial innovation.

Since the initiation of Vision 2030 for economic diversification, the industrial sector has seen substantial investment growth totalling $132 billion.