RIYADH: Saudi Arabia maintained its issuance of more than 300 industrial licenses in the first quarter of 2024, the same number as the previous year, official data showed.
According to a statement released by the Saudi Ministry of Industry and Mineral Resources, as many as 324 industrial licenses were issued in the first three months of the year, with 54 approvals issued in March alone.
Additionally, the report showed that investments reached 1.047 billion Saudi riyals ($279 million) in March.
This is in line with Saudi Arabia’s ambitions to transform mining into a fundamental industrial pillar of the country’s economy.
This is also in line with the Ministry’s objective of strengthening the sector in line with Vision 2030 and contributing to its ongoing development.
Additionally, a report issued by the ministry’s National Industrial and Mining Information Center showed that the permits in March were spread across multiple sectors, including the production of non-metallic minerals, food, metal articles, chemicals, paper and their products. It revealed that.
According to the analysis, the new industrial licenses were distributed across multiple regions, including Qasim, Jazan, Madinah, Al-Juf and Al-Baha, in addition to the Eastern Province, Riyadh and Mecca.
In terms of the distribution of new permits, small and medium-sized enterprises accounted for 77.78 percent, followed by medium-sized enterprises with 22.22 percent.
In terms of type of investment, domestic factories accounted for the largest proportion of licenses at 98.15 percent, followed by foreign companies at 1.85 percent.
The survey also showed that the number of factories existing or under construction in the Kingdom rose to 11,832 by the end of the month, up from 11,757 in February, with investment reaching SAR 1.528 trillion.
Meanwhile, 69 factories started production in March, with an investment amounting to SR1.339 billion.
The ministry publishes a monthly report that establishes the most important indicators for Saudi Arabia’s industries and shows the degree of change and growth in industrial investment.
In April, the Kingdom introduced a mining exploration support program and is inviting global companies and explorers to join the effort to further expand the sector.
In a statement at the time, the Saudi Ministry of Industry and Mineral Resources and the Ministry of Investment invited international companies in the sector to register under the scheme.
The statement added that the program is expected to boost exploration activities, optimize value derived from the mining sector and expand the Kingdom’s exploration potential by focusing on uncharted territories.
