Saudi crown prince launches national industrial strategy

Saudi Crown Prince Mohammed launched the National Industrial Strategy on October 18 to help diversify the Saudi economy by attracting investment to develop the non-oil economy. The crown prince said that Saudi Arabia has the ability to achieve a competitive and sustainable industrial economy with its young and ambitious talents, superior geographical location, rich natural resources and industry-leading industrial companies. Through a national industrial strategy and in partnership with the private sector, Saudi Arabia will become a leading industrial powerhouse that helps stabilize global supply chains and export high-tech products to the world. Focusing on 12 sub-sectors, the strategy will create more than 800 investment opportunities, plan to increase the number of factories to 36,000 by 2035, triple manufacturing GDP by 2030, and increase the value of industrial exports to 557 billion riyals , the total additional investment in the sector will increase to 1.3 trillion riyals