In June 2017 the UAE’s ruling Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai and vice-president and prime minister of the UAE, approved the standardisation of the “Made in UAE” label, with the aim of strengthening the country’s manufacturing sector. The move forms part of a larger push to promote manufacturing in the...
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...
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...
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...
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...
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,...
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