New National Industry Strategy recently launched by the Kingdom of Saudi Arabia is now set to roll out.
The scheme aims to triple industrial output and increase the value of the Country’s exports to about $149 billion by 2030.
The plan is also in line with Saudi Vision 2030.
The strategy intends to attract investments, boost economic diversification, increase non-oil exports, and grow GNP.
The program identifies 800 investment opportunities worth $266.2bn to provide sustainable economic returns by 2030.
According to S&P Global purchasing managers’ index, business activity in the non-oil private sector of Saudi Arabia continued to improve.
As a result of output and new orders that rose sharply on robust demand, despite inflation and macroeconomic headwinds.
The International Monetary Fund forecasts that Saudi Arabia’s economy will grow at the quickest pace in a decade becoming one of the world’s fastest-growing economies.
In addition, the kingdom’s economy grew 12.2% in the second quarter, exceeding initial estimates and registering a fast expansion.
On the basis of the National Industry Strategy, now set to roll out, Saudi Arabia’s GDP will expand by 7.6% this year.
Saudi investment bank Jadwa Investment estimates output this year at 8.7% and the OECD projects growth of 9.9%.
The new strategy calls for increasing the number of factories in the kingdom to 36,000 by 2035.
The New National Industry Strategy also seeks to increase the total additional investments in the sector to $345.9bn including more than 136 initiatives.
Saudi Arabia is empowering the industrial sector and support initiatives for 12 industrial activities.
The new goals scheme keeps in mind global trends as the Fourth Industrial Revolution, zero carbon targets, and supply chain challenges.
Source:The National News