Saudi Arabia Licences 79 Factories With $266.5 Million Investments In May: Ministry
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Roshan Amiri
- . July 1, 2022
- . Update: July 2, 2022 12:23 pm
Saudi arabia– Saudi Arabia licensed 79 new factories with investments exceeding SR1 billion ($266.5 million) in May. The Ministry of Industry and Mineral Resources licensed these factories with the aim to improve the industrial sector.
The number of industrial facilities across the Kingdom of Saudi Arabia (KSA) has reached 10,638, led by non-metallic minerals with over 2,056 factories. Rubber and plastics factories reached 1,346, while food factories reached 1,268.
According to Arab News, small establishments acquired the vast majority of the new industrial licenses in May 2022, with a rate of 92.4 per cent. Medium enterprises consisted of 6.3 per cent of the new licenses, followed by large enterprises with 1.3 per cent.
According to the report by the ministry’s National Industrial Information Centre, 62 industrial facilities began production in May, with investments of SR1.3 billion.
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According to the ministry, 32 new industrial licenses were issued in the Saudi Arabia capital Riyadh. Nearly 19 licenses were issued in the Eastern Region, and 11 in Makkah. The eastern region occupied the largest number of factories that started production with 17 factories.
Jobs for Saudis
The industrial sector also created jobs for the citizens. In May, jobs created by the industrial sector reached 2,516. In the same month, more than 19,000 expatriate workers left the sector.
Reportedly, unemployment among citizens fell to 10.1 per cent in the first quarter of 2022 from 11 per cent in the fourth quarter of 2021, the lowest rate in 7 years. The unemployment rate declined faster among Saudi women, dropping by 3.2 percentage points to 20.2 per cent.
The country also plans to increase the number of FinTech companies by threefold. Reportedly, the number of FinTech firms is expected to increase from 82 to 230 by 2025.
