Riyadh: In a move to bolster its industrial capabilities and diversify the economy, Saudi Arabia has issued 1,346 new industrial licenses in 2024.

This development has attracted over SR50 billion ($13.3 billion) in fresh investments according to recent reports from the Kingdom's Ministry of Industry and Mineral Resources.

The efforts appear aimed at achieving one of the key objectives of Vision 2030: transforming Saudi Arabia into a more robust, innovative industrial powerhouse.

The report highlights that private sector investments within designated industrial cities and zones have surged to SR1.9 trillion.

In addition, there are now 1.09 million licensed workers in this field, demonstrating substantial job creation.

Importantly, the Saudization rate of the workforce has reached 36%, a testament to nationalization efforts underway.

These new licenses are part of the larger plan to escalate the number of factories from the current 32,000 to 36,000 by 2035.

Of these future factories, 4,000 will have achieved full automation status.

This ambitious goal is aligned with the Kingdom's strategy to establish a dynamic and forward-thinking industrial sector.

Recent data also indicates that Saudi Arabia’s industrial production index saw a 1.3% increase in January 2024 compared to the previous year.

The upward trend continues to be driven by the growth observed in manufacturing and waste management sectors, per the General Authority for Statistics.

Notably, the monthly index has remained stable at 103.9, unchanged from December.

The Ministry of Industry and Mineral Resources is confident that with its youthful talent pool, prime geographical location, abundant natural resources, and leading national industrial companies, it possesses all the capabilities needed to realize a competitive and sustainable industrial economy.

The Kingdom aims not only to secure global supply chains but also to export high-tech goods worldwide.

In support of this vision, the Ministry has developed 454 investment opportunities worth SR143 billion.

These are closely tied to the industrial sectors targeted in Saudi Arabia's National Industrial Strategy.

Saudi Arabia’s industrial sector has achieved a significant milestone, securing a global ranking of 33 in the Competitive Industrial Production Index.

This improvement from previous rankings reflects the substantial efforts invested into strengthening its industrial base as part of Saudi Vision 2030.

This objective also represents an advance two places higher than initially targeted, with the goal of reaching a global rank of 35th place.

Industry Minister Bandar Alkhorayef highlighted this progress as emblematic of the Kingdom's ambitions to diversify its economy and reduce dependence on oil.

Achieving these objectives positions Saudi Arabia not only regionally but also within the G20, aiming to be recognized as a leading industrial nation where the mining sector acts as one of the three pillars of the national economy.

Earlier in June, Saudi Arabia initiated the second phase of its standardized industrial incentives program aimed at enhancing competitiveness and strengthening trade balance.

The Deputy Minister of Industry and Mineral Resources for Industrial Affairs, Khalil Ibn Salamah, underscored this initiative's support to bolster high-value investments in priority sectors.

The program has seen significant interest since its inception, drawing over 1,000 applications out of which 12 have reached the final qualification stage.

These developments reflect Saudi Arabia's strategic efforts to position itself as a regional and global industrial leader.