Arab News, Sat, May 25, 2024 | Dhu al-Qadah 17, 1445
Saudi Arabia issues 54 industrial licenses in March
Saudi Arabia:
Saudi Arabia maintained the issuance of over 300 industrial licenses in the
first quarter of 2024, consistent with the previous year, official data has
revealed.
According to a statement released from the
Kingdom’s Ministry of Industry and Mineral Resources, as many as 324 industrial
permits were issued in the first three months of the year, with 54 approvals
issued in March alone.
The report further showed that the volume
of investments in March amounted to SR1.047 billion ($279 million).
This falls in line with the Saudi Arabia’s
ambition to transform mining into a foundational industrial pillar of the
country’s economy.
It also aligns with the ministry’s goal to
strengthen the sector as well as contribute to the ongoing developments in
accordance with Vision 2030.
Moreover, the report, which was issued by the
ministry’s National Industrial and Mining Information Center, disclosed that the
permits in March were distributed across several sectors, including the
manufacturing of non-metallic mineral and food products and formed metal goods
as well as chemicals and paper and its products.
According to the analysis, the new industrial
licenses were distributed among multiple regions, including the Eastern
Province, Riyadh and Makkah, as well as Qassim, Jazan, Madinah, Al-Jouf, and
Al-Baha.
The distribution of new permits shows that small
enterprises comprised 77.78 percent, with medium-sized companies following at
22.22 percent.
In terms of the type of investments, national
factories accounted for the largest percentage of the total licenses, with 98.15
percent, followed by foreign establishments with 1.85 percent.
Furthermore, the study also indicated that the
number of factories existing and under construction in the Kingdom until the end
of the same month reached 11,832 factories, up from 11,757 facilities in
February, with an investment volume of SR1.528 trillion.
Meanwhile, 69 factories started production in
March, with an investment volume of SR1.339 billion.
The ministry issues its report monthly to
establish the sector’s most critical indicators in Saudi Arabia, demonstrating
the extent of change and the growth of industrial investments.
In April, the Kingdom introduced the Mining
Exploration Enablement Program, inviting global firms and explorers to
participate in the initiative in an attempt to further expand the sector.
According to a statement at the time, Saudi
Arabia’s Ministry of Industry and Mineral Resources and the Ministry of
Investment extended invitations to international companies in the sector to
register for the scheme.
The statement further added at the time that the
program is expected to boost exploration activities, optimize the value
extracted from the mining sector, and expand the Kingdom’s survey potential by
focusing on uncharted territories.