image description
image description
Tell A Friend

FinancialNews


  • 03-05-23

    Saudi Arabia Offers Investment Opportunities in Machinery, Equipment Sector

    (MENAFN) Saudi Arabia is offering 50 investment opportunities worth over USD25 billion in the machinery and equipment sector as part of its strategy to promote private participation in the Kingdom's economic diversification plan. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef revealed that these investment opportunities are being developed and raised on the Invest Saudi platform to activate the National Industry Strategy. The plan aims to expand the industrial base in the Kingdom, reduce imports by up to 50 percent, and work toward exporting products to regional and global markets, all key parts of the Vision 2030 strategy.

    The machinery and equipment sector played a crucial role in a range of industries, including oil and gas, petrochemicals, mining, food, and construction, garnering an estimated revenue of USD32 billion in Saudi Arabia in 2019. The investment opportunities being offered aim to further develop the sector and establish complete value chains, from raw materials to finished products, which will help replace the imports of casted and forged products.

    Alkhorayef highlighted that three projects for casting and forging alone attracted more than $1 billion in investment over the last two years. The minister emphasized the need to preserve and develop existing factories through policies and regulations developed by the machinery and equipment sector in the National Industrial Development Center (NIDC), in cooperation with the Local Content and Government Procurement Authority.

    The NIDC is working together with the Public Investment Fund to build a business model to take advantage of the investment opportunities in the industrial sector. Eight of these opportunities have been selected for initial evaluations, while two are nominated for final assessments. Alkhorayef also mentioned that several workshops and bilateral meetings are being organized with international investment firms to boost funding and technology transfers to the Kingdom.

    The minister used the statement to talk about technology being used to build future factories, with the ministry aiming to automate factory operations in the Kingdom. The machinery sector is working with a potential investor to assemble industrial robotic arms, which is a key step in developing the robotics industry in the Kingdom. The investment opportunities being offered in the machinery and equipment sector aim to promote economic diversification and support the Kingdom's overall economic growth.

    MENAFN03052023000045014228ID1106159769

Follow us

RSS
Terms & Conditions  |  Privacy & Security  |  Contact Us  | Sitemap
© 2024 BBK  |  All Rights Reserved