Saudi Arabia licensed 903 new factories worth $6.27bn in 2020

Saudi Arabia licensed 903 new factories worth $6.27bn in 2020
Saudi Arabia licensed 903 new factories worth $6.27bn in 2020

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Jeddah - Yasmine El Tohamy - Saudi Arabia licensed 903 new factories worth SR23.5 billion ($6.27 billion) in 2020, recent data issued by Ministry of Industry and Mineral Resources showed.

The total number of factories that began actual production reached 515 last year.

The total number of Saudi workers in the new facilities stood at 39,404. The total number of work force in the industrial sector increased by 17,807, of which nationals and expats rose by 9,495 and 8,312, respectively.

The ministry will continue to develop the sector, Bandar Alkhorayef, Minister of Industry and Mineral Resources, said, affirming that it has a more bullish outlook for better opportunities this year.

Existing and under-construction factories totaled 9,681 across the Kingdom in 2020, of which non-metallic minerals plants accounted for 20 percent, or 1,935. Rubber products plants came second with 1,268, followed by plants of unclassified machinery and equipment with 1,162.

Meanwhile, a total of 73 new plants were licensed in December 2020, with 30 facilities commencing production.

The total investment cost of these plants stood at SR2.15 billion ($570 million).

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