In its drive to diversify the economy and reduce its reliance on oil export revenues, Saudi Arabia is backing soft loans for industry using significant state allowances. In December 2016 Khalid Al Falih, the minister of energy, industry and mineral resources, announced a substantial boost in capital provided to the Saudi Industrial Development...
Bold strategies to use industry as an engine of economic change could see new gold mines, plastics factories and medical laboratories boost growth, prosperity and jobs. While raising the profile of private enterprise, the government is also planning to inject capital into promising sectors, setting ambitious targets for itself and for industry...
Increased investment in Saudi Arabia’s mining sector looks set to lift its GDP contributions, as part of an accelerating push to diversify the economy under the Vision 2030 development plan. On April 24, 2017 Prince Khalid Al Faisal Al Saud, the governor of Makkah, formally opened a new gold mine and processing plant – the Ad Duwayhi mine,...
Large-scale renewable energy investments, and new rules specifying how much revenue from Saudi Aramco must be spent on domestic content, are set to drive manufacturing growth. Creating a local supply chain is at the heart of plans to install 3.5 GW of renewable energy capacity by 2020, while the In-Kingdom Total Value Add (IKTVA) programme...
The first foreign visit of US President Donald Trump’s term saw business leaders from Saudi Arabia and the US signing nearly $400bn worth of agreements and deals. These commercial agreements were designed to foster mutual benefits and investments in both countries. King Salman bin Abdulaziz Al Saud met President Trump just over a year after...
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