Saudi Arabia Witnesses 10% Growth in Number of Factories, with Over SAR 82 Billion in New Investments

Riyadh: The Ministry of Industry and Mineral Resources has released data showing that the number of factories in Saudi Arabia has increased by 10% in 2023, reaching a total of 11,550 compared to 10,520 in the previous year.

During the same period, nearly 1,379 new industrial licenses were granted, with an impressive total investment of over SAR 82 billion. Of these licenses, production has already commenced in 1,058 factories, representing a significant investment of SAR 45 billion.

The existing factories in Saudi Arabia, totaling 11,550, have accumulated investments totaling SAR 1.54 trillion, demonstrating a strong commitment to industrial growth and development in the country.

Jarrah Al-Jarrah, the Spokesperson for the Ministry, stated that the newly issued licenses have been distributed across 25 different industrial activities. Notably, the manufacturing of food products took the lead with 244 licenses, followed by the production of nonmetallic minerals with 176 licenses. Additionally, there were 165 licenses for metal products and 123 licenses for the manufacturing of rubber and plastic products.

Al-Jarrah further highlighted the distribution of industrial licenses among different types of establishments. National establishments secured the highest number of licenses, with 1,043, followed by foreign investment establishments with 194 and joint investment establishments with 142. Small establishments accounted for the majority of issued licenses at 1,203, while medium-sized establishments received 158 licenses. Micro-enterprises obtained 15 licenses, with only three being granted to large establishments.

This significant growth in the number of factories and the influx of new investments demonstrate Saudi Arabia's commitment to diversifying its economy and promoting industrial development. It reflects the fruitful efforts of the Ministry of Industry and Mineral Resources in attracting local and foreign investments, stimulating job creation, and fostering economic growth.

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