Photo taken on July 12, 2022 shows the Mecca light rail operated in the Hajj season in Mecca, Saudi Arabia. (HAN XIAOLIN / CRCC / HANDOUT VIA XINHUA)
RIYADH – Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on Tuesday launched the National Industry Strategy that aims to turn the kingdom into a leading industrial power.
Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud said that, through the National Industry Strategy and the partnership with the private sector, the kingdom would become a leading industrial power
The strategy covers 12 sub-sectors, with more than 800 investment opportunities worth 1 trillion Saudi riyals ($226 billion), the Saudi Press Agency reported.
The investments will contribute to the sector's sustainable development to achieve economic revenues, including doubling the industrial GDP by three-fold and raising the industrial exports to 557 billion Saudi riyals, it said.
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Crown Prince Mohammed highlighted the kingdom's potential to reach a competitive and sustainable industrial economy, including talented youth, geographic location, natural resources and national pioneer companies.
He said that, through the strategy and the partnership with the private sector, the kingdom would become a leading industrial power.
The previous years' efforts to promote the sector, including the launch of the National Industry Development Program, have increased the number of factories from 7,206 to 10,640, the SPA reported.
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The strategy looks forward to increasing the number of the factories to 36,000 by 2035, it added.