RIYADH: Saudi Arabia has launched a national industrial development and logistics programme for broader industrial sector growth, its minister of energy, industry and mineral resources said in Dubai on Tuesday.
“We have already increased the capital for [the] Saudi industrial development fund from 40 to 65 billion Saudi riyals (Dh39.14 to Dh63.6 billion) and have set in motion… the creation of a Saudi export and import bank,” said Khalid Al Falih while addressing the Gulf Petrochemicals and Chemicals Association (GPCA) forum in Dubai.
He also said contribution of the various industrial sectors to Saudi Arabia’s GDP is 500 billion riyals currently, with the government aiming to increase it to 1.7 trillion riyals by 2030, in addition to increasing non–oil exports from roughly 200 billion riyals presently to 2.5 trillion riyals over the same period.
