According to Knight Frank’s annual report, Saudi Arabia’s factories experienced a surge in investments in early 2024, totaling $10.2 billion. This capital influx was achieved two months ahead of last year’s timeline. The report also highlighted the issuance of 410 new industrial licenses and the commencement of production in 505 new factories during this period.

The workforce also expanded, with 11,434 new jobs created at these facilities. Of the total investment, 83.7% came from local sources, 8.3% from international sources, and 8% from joint ventures.

In 2023, industrial sector investment surged by 63%, reaching $3.99 billion, and the trend has continued into 2024, with private sector investment more than doubling in Q1 to exceed $1.86 billion.

By the end of 2023, cumulative investment in the industrial sector had reached $110 billion, supporting 891 projects across the country.

This aligns with The Saudi Authority for Industrial Cities and Technology Zones’ National Industrial Strategy, which aims to boost export values to $148.4 billion by 2030 and establish the kingdom as a leading global player in the industrial sector.

Additionally, the strategy targets creating 2.1 million new jobs by 2030, with the logistics sector projected to grow by $25.9 billion annually.

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