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16-05-23

Saudi Arabia Witnesses Rapid Expansion of Industrial Base, with 10,518 Factories in 2022

(MENAFN) Saudi Arabia is experiencing a significant expansion in its industrial sector, as the number of operational factories reached 10,518 in 2022, according to official data. This marked a notable increase from the 8,499 operational units recorded the previous year. The Ministry of Industry and Mineral Resources, in its quarterly bulletin, revealed that 248 industrial units were granted licenses and 150 factories with an investment volume of SR2.2 billion (USD59 million) became operational during the final quarter of 2022. In comparison, 208 licenses were issued during the fourth quarter of 2021.

The estimated capital of the industrial sector also witnessed growth, amounting to SR1.42 trillion in 2022, up from SR1.26 trillion in 2021. Foreign investments in the Kingdom's industrial sector experienced a slight increase of 0.3 percent, reaching SR70.79 billion. These foreign investments were distributed across 872 factories, accounting for 8.3 percent of the total investment volume. Additionally, the ministry noted that 8 percent of industrial projects were joint ventures between local and foreign investors.

The data further revealed the regional distribution of factories, with the Riyadh region leading the list with 4,070 factories. The Eastern Province followed with 2,411 industrial units, while the Makkah region had 2,029 factories. As for employment, the report indicated a decrease in the number of employees in the industrial sector, with approximately 697,365 individuals working in this field by the end of 2022. This marked a decline from the 968,090 employees reported in the fourth quarter of 2021.
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