Industrial Investments in Saudi Arabia Soar to USD 400 Billion

According to a new report from the Economic Affairs Department of the Council of Saudi Chambers, investments in the Saudi industrial sector surged by 54%, reaching SR 1.5 trillion (USD 400 billion) this year, up from SR 992 billion (USD 264 billion) in 2019.

The report highlights the industrial sector's achievements from 2019 to 2024, focusing on the impact of the government's waiver of fees for industrial workers. It evaluates this growth through seven key indicators: gross domestic product (GDP) contribution, the number of industrial establishments, investment volume, employment, non-oil exports, product quality, and foreign investment in the sector.

The findings indicate that waiving expat fees has strengthened the Saudi industry by promoting the adoption of modern technologies, facilitating the localisation of cutting-edge innovations, and attracting top talent.

Since 2019, foreign capital investments have increased by 116.2%, with the number of foreign-owned factories rising from 662 in 2019 to 1,067 in 2023. Furthermore, from January 1, 2023, to March 31, 2024, the industrial sector became the largest creator of jobs for Saudis, generating over 82,000 jobs and representing 12.9% of the total Saudi private sector workforce.