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FinancialNews
15-02-21
Saudi Arabia certifies new factories, creates new jobs
(MENAFN)According to Arab News, experts stated that as a number of economies suffered due to the Coronavirus pandemic, Saudi Arabia’s licensing of over a hundred new factories is a proof of its ambition to turn to “a leading industrial power” in the region and the increasing significance of the local industrial sector.
According to the Ministry of Industry and Mineral Resources, Saudi Arabia certified 115 new factories valued at SR1.63 billion (USD430 million) last month 2021.
An amount of 66 new factories started production, reaching the number of existing and under-construction factories in the Kingdom to 9,783. The new certified factories offered 4099 new jobs.
Arab News quoted Dr. Osama Ghanem Al-Obaidy, economic adviser and international economic law expert as saying that “The Ministry of Industry and Mineral Resources, through this licensure, is implementing the national industrial development and logistics vision realization program, which aims to transform Saudi Arabia into a leading industrial power.”
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