Saudi industrial sector attracts $18.7bn in 7 months, says minister

• Ministry approves establishment of 48 factories in July with total investment of SR50 billion

JEDDAH: The Saudi industrial sector attracted investments worth SR70 billion ($18.7 billion) from the beginning of 2021 till the end of July, Bandar Alkhorayef, minister of industry and mineral resources, said in a tweet.
“This leap is a translation of the support of our wise leadership and the industrial transformation that the Kingdom is witnessing, a golden age for industry, and an important indicator that reflects the attractiveness of the sector and its ability to attract capital,” the minister said.
A separate statement issued by the ministry said it approved the establishment of 48 new factories in July with a total investment of SR50 billion while the number of new industrial units that became operational reached 78.
The number of Saudis and expatriates working in the Kingdom’s industrial sector jumped by 1,101 and 1,830 respectively in July 2021.
The total number of industrial units in the Kingdom now stands at 10,166 with investments over SR1.3 trillion.