Saudi Arabia Issues Over 300 Industrial Licenses in First Quarter of 2024
In a recent announcement, official data from Saudi Arabia has revealed that the issuance of industrial licenses in the first quarter of 2024 remained consistent with the previous year, with over 300 permits issued.
The Ministry of Industry and Mineral Resources disclosed that a total of 324 industrial permits were issued in the first three months of the year, including 54 approvals in March alone.
March saw investments totaling SR1.047 billion ($279 million), in line with Saudi Arabia’s goal to elevate the mining sector as a key component of the country’s economy.
Driving Industrial Growth in Saudi Arabia
The issuance of industrial licenses aligns with the ministry’s efforts to strengthen the sector and support the country’s development goals outlined in Vision 2030.
The permits issued in March covered various sectors, including non-metallic mineral manufacturing, food products, metal goods, chemicals, paper, and related products.
These new industrial licenses were distributed across different regions in Saudi Arabia, with a majority going to small enterprises, reflecting a push for grassroots economic development.
Boosting Investment and Production
National factories dominated the type of investments, comprising 98.15% of total licenses, while foreign establishments made up the remaining 1.85%.
The Kingdom saw an increase in the number of existing and under-construction factories in March, with a total investment volume of SR1.528 trillion.
Additionally, 69 factories commenced production during the month, further highlighting the growth and potential of the industrial sector in Saudi Arabia.
Looking Towards the Future
Saudi Arabia recently introduced the Mining Exploration Enablement Program in April, inviting global firms to participate and expand the mining sector.
The program aims to enhance exploration activities, maximize the sector’s value, and tap into uncharted territories to unlock the Kingdom’s mining potential.