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Attendees at the Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia, October 26, 2021. /CFP
Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on Tuesday launched the National Industry Strategy that aims to turn the kingdom into a leading industrial power.
The strategy covers 12 sub-sectors, with more than 800 investment opportunities worth 1 trillion Saudi riyals ($226 billion), the Saudi Press Agency (SPA) reported.
The investments are expected to contribute to the sector's sustainable development and increase economic revenues, including doubling industrial GDP and boosting industrial exports to 557 billion Saudi riyals, the report said.
Crown Prince Mohammed highlighted the kingdom's potential to build a competitive and sustainable industrial economy, including its talented youth, geographic location, natural resources and national pioneer companies.
He said that through the strategy and partnerships with the private sector, the kingdom will become a leading industrial power.
The previous years' efforts to promote the sector, including the launch of the National Industry Development Program, have increased the number of factories from 7,206 to 10,640, the SPA reported.
The strategy aims to increase the number of factories to 36,000 by 2035, it added.
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