Saudi crown prince has announced the new industrial policy for the country. By the year 2035, there are expected to be almost 36,000 manufacturing facilities. The Kingdom has come up with a plan for how to expand the industrial sector.

This plan includes putting together the Supreme Committee for Industry. The crown prince will be in charge of the committee. He will also be in charge of making sure that the industrial sector grows.

The country has also set up an Industrial Council with the help of the private sector. This is to make sure that industrial investors are involved in making decisions and coming up with policies.

The industrial strategy focuses on 12 sub-sectors to help diversify the industrial economy of the Kingdom. At the same time, it finds more than 800 investment opportunities that will help the sector start a new chapter of steady growth.

Saudi Arabia wants to increase exports of high-tech goods by about six times and make tens of thousands of high-quality jobs. These are the goals Saudi Arabia wants to reach by 2030.

Key facts!

• In line with the objectives of Saudi Arabia’s Vision 2030, the strategy’s overarching objective is to foster the growth of an industrial economy.
• This would serve as an incentive for investment and contribute towards the achievement of economic diversification.
• In addition to the development of domestic products, and the expansion of non-oil exports.
• The crown prince believes that Saudi Arabia possesses all of the capabilities to achieve a competitive and sustainable industrial economy.
• These capabilities include ambitious young talent and a distinguished geographical location.
• Moreover, Saudi’s location is also rich in natural resources and houses some of the leading national industrial companies.
• Through the national industrial strategy, the Kingdom aspires to become a leading industrial power.
• It also aspires to contribute to securing global supply chains and exporting high-tech products to the world.

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Watch a video

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