RIYADH: Saudi Arabia’s economic activity gained momentum, with the Ministry of Industry and Mineral Resources issuing 174 industrial licenses in September, compared to 136 in August.
This brings the total number of permits issued in the first nine months of the year to 969, according to a statement.
This issuance aligns with the ministry’s aim to promote the industrial and mining sectors and contribute to achieving sustainable development.
The statement also revealed the volume of investments linked to the licenses during September amounted to SR5.3 billion ($1.41 billion).
Small enterprises accounted for up to 88.51 percent of the funding, followed by medium companies at 10.92 percent and micro-sized firms at 0.57 percent.
Of the total licenses issued, national factories recorded the largest share with 76.44 percent, foreign establishments at 12.07 percent and joint investment establishments at 11.49 percent.
The licenses were distributed among five industrial activities, with manufacturing formed metal products in the lead with 26, followed by non-metallic metal products with 24.
Food products came next with 22 licensees, rubber and plastic with 17, and paper and its products with 13.
On the other hand, 82 factories started production in September, down from 87 in August, with a total investment amounting to SR1.9 billion.
Of these plants, 78.05 percent were national factories, 17.07 percent were foreign establishments and 4.88 percent were joint investment firms.
This toll brings about the total number of existing factories in the Kingdom until the end of September to 11,273, with an investment volume estimated at SR1.498 trillion.
Mining is increasingly an essential element of Saudi Arabia’s economic development, after energy and petrochemicals, as the Kingdom seeks to wean its economy off oil production and exports.
Moreover, the Kingdom is expecting its mineral wealth to exceed earlier estimates of $1.3 trillion as it plans to triple spending on the exploration of metals over the next three years.
