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Saudi Arabia’s industrial sector flourishes with foreign and joint investments exceeding $144 billion

Under the economic diversification plan, 930 factories attracted foreign investments, while 924 received joint investments, fostering a diverse investment landscape.

Saudi Arabia’s industrial sector flourishes with foreign and joint investments exceeding $144 billion
[Source photo: Anvita Gupta/Fast Company Middle East]

With a strategic focus on economic diversification and reducing dependency on oil, Saudi Arabia has witnessed a significant upswing in foreign and joint investments in its industrial sector, soaring above an impressive $144.53 billion. This surge reflects the nation’s commitment to expanding and strengthening its non-oil industries, fostering a more resilient and sustainable economy.

According to the Saudi Press Agency report, foreign and joint investments constitute a substantial 37% share of the overall investments in Saudi Arabia’s industrial sector, highlighting a notable influx of international capital. Furthermore, these investments account for approximately 17% of the total number of factories in the country as of May 2023.

According to data from the Ministry of Industry and Mineral Resources of the Kingdom, the report reveals that out of the 930 factories in Saudi Arabia, a notable 9% have attracted foreign investments exceeding $18.94 billion. The report also highlights that 924 factories have received joint investments of a substantial $125 billion.

Last year, in October, the Saudi government introduced the National Industry Strategy to elevate the value of the kingdom’s industrial exports to an estimated $149 billion by 2030. This strategic initiative reflects the government’s commitment to enhancing the economic contribution of the industrial sector and achieving substantial growth in international trade.

The Strategy identifies over 800 opportunities to attract investments and diversify the economy through non-oil exports. These opportunities, valued at $266.2 billion, are projected to deliver sustainable economic returns by 2030.

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