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...
In four decades the natural gas in Saudi Arabia’s oil fields has been transformed from an inconvenient by-product into essential feedstock for an industry that supports thousands of jobs and generates 15% of the country’s export revenues. Since its creation in 1976 by royal decree, Saudi Arabia Basic Industries Corporation (SABIC) has grown...
Economic planners in Saudi Arabia are working to nurture industrial growth by identifying sectors with high potential and developing clusters of companies and expertise within them. The National Industrial Clusters Development Programme (NICDP) has been established under the supervision of the Ministry of Commerce and Investment (MoCI), and...
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