RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources plans to invest SR4 billion ($1.07 billion) in specialized local supply chains for small and medium enterprises in the Kingdom as part of the investment opportunities initiative, the Saudi Press Agency reported quoting a ministry spokesperson.
Jarrah bin Muhammad Al-Jarrah said the investment initiative aims to study 10,000 locally manufactured and imported products and set standards for their associated value chains. The ministry official explained that as many as 100 investment opportunities targeting small and medium factories would be generated, covering several sectors supporting the National Industrial Strategy.
The strategy seeks to expand the industrial base of the Kingdom and ensure the establishment of 36,000 factories by 2035.
The initiative also includes providing more than 600 investment opportunities for entrepreneurs and concluding 100 agreements with potential investors for targeted opportunities, Al-Jarrah noted.
