RIYADH: Saudi Arabia granted 1,346 new Industrial Licenses in 2024, bringing in over SR50 billion ($13.3 billion) in new investments, as per the recent report from the Ministry of Industry and Mineral Resources. These licenses are expected to generate over 44,000 new jobs throughout the Kingdom. The ministry’s analysis also indicates that 1,075 factories started producing in 2024, with investments over SR48 billion and providing jobs for around 39,000 workers.
Investments from the private sector in industrial cities and zones totalled SR1.9 trillion, with 1.09 million licensed industrial workers and a 36% Saudization rate. The new licensing activity backs Saudi Arabia’s National Industrial Strategy, which aims to raise the number of factories to 36,000 by 2035, including 4,000 fully automated ones. The strategy focuses on 12 sub-sectors and more than 800 investment opportunities which are valued at SR1 trillion, with the goal of tripling the industrial GDP.
These changes are included in the broader Vision 2030 strategy aimed at redirecting the Saudi economy from being dependent on oil revenue. The National Industrial Development and Logistics Program (NIDLP), which was launched in 2019, promotes these objectives by boosting regulations, improving local content and investing in renewable energy.
Crown Prince Mohammed bin Salman highlighted that Saudi Arabia’s youthful workforce, strong companies, and rich resources position the country for a competitive and sustainable industrial economy.
