In 2024, Saudi Arabia issued 1,346 industrial licenses, attracting US$13.3 billion in investment, and is expected to create more than 44,000 new jobs to promote economic growth and diversification. This is in line with Saudi Arabia's national industrial strategy initiated in 2022 and the national industrial development and logistics plan launched in 2019, helping to achieve the 2030 vision goals. In 2023, Saudi Arabia's operating factories increased by 10% year-on-year, issued 1,379 industrial licenses, attracted more than 81 billion Saudi riyal investment, and 1,058 factories were put into production.

Saudi Arabia's industrial achievements in 2024 are remarkable

Saudi Arabia made remarkable achievements in the industrial field in 2024, issuing a total of 1,346 industrial licenses. Behind this data is the influx of investment and the creation of job opportunities. It attracted up to US$13.3 billion in investment, which injected strong impetus into industrial development and many new projects were implemented. More than 44,000 new jobs are expected to effectively alleviate employment pressure, increase people's income level, and allow more people to share the dividends of industrial development. These achievements are of great significance to economic growth and diversification. They not only promote the improvement of industrial output value, but also drive the coordinated development of upstream and downstream industries and optimize the industrial structure.

Related strategies and plans work together

Saudi Arabia launched the national industrial strategy in 2022 with ambitious goals. It is planned to increase the number of factories to about 36,000 by 2035, focusing on 12 sub-industry, tapping more than 800 investment opportunities, worth 1 trillion riyals, and striving to quadruple industrial GDP. The National Industrial Development and Logistics Plan launched in 2019 also plays a key role. It aims to support the sustainable development of the industrial sector, start from improving supervision, investing in renewable energy, and improving local content, enhance Saudi Arabia's international competitiveness in the fields of energy, mining, logistics and industry, cooperate with the national industrial strategy, and create a good environment for the issuance of industrial licenses and factory production.

Comparing with past data shows development trends

Comparing the data in 2023, we can clearly see the development trend of Saudi Arabia's industry. In 2023, the operating factories increased by 10% year-on-year, 1,379 industrial licenses were issued, attracting more than 81 billion Saudi Riyal investments, and 1,058 factories were put into production. Although the number of licenses issued slightly decreased in 2024, the amount of investment attracted is stable, the number of new factories has increased, and more jobs are expected. This shows that the quality of Saudi Arabia's industrial development is improving, investment is more concentrated on high-value and high-potential projects, and the production scale and efficiency of enterprises may also be improving. Continuing development lays a solid foundation for achieving the 2030 vision and goals. Saudi Arabia's industry is expected to maintain a good development trend in the future and occupy a more important position in the global industrial chain.（This article is from the official website of Seetao.com, www.seetao.com. No reprinting is allowed without permission. Otherwise, legal liability will be pursued. If reprinting, please indicate Seetao.com + the original text link.) Editor of the Strategic Column of Seetao.com / Yin Shiqian