RIYADH: Commerce and Industry Minister of Saudi Arabia, Tawfiq Al-Rabiah, said in his address to industrial opportunities forum in Riyadh that over SR2 trillion have been invested in 6,871 industries across Kingdom.
He emphasized Saudi Arabia’s determinationn to increase its industrial exports. He also expected a growth rate of 2 to 6 percent for the sector during the next five years.
He said the Saudi Industrial Property Authority, Modon, which organized the forum, has been making strenuous efforts to strengthen the Kingdom’s industrial progress. “It has developed new industrial areas in 20 cities.”
Al-Rabiah said Modon was planning to develop industrial cities with integrated services including housing, hospitals and schools. The ministry has started issuing commercial registrations for firms within a single working day.
As part of the Kingdom’s efforts to expand industrial exports, it would participate in a food show to be held in Britain next month, the minister said, adding that 60 Saudi companies will take part in the exhibition.
Saleh Al-Rasheed, director general of Modon, also addressed the forum. He emphasized his organization’s plan to promote new industries required by the Kingdom and encourage young Saudi entrepreneurs.
“We have identified certain industrial projects for women investors. We also intend to promote readymade industries and industrial incubators to strengthen the sector,” Al-Rasheed told the gathering.
Khaled Al-Ghamdi, project manager at Saudi Electricity Company, said 80 percent of the company’s SR12 billion purchases in 2014 were locally made. SEC’s total investment in the next five years is expected to reach SR400 billion.
“Our company’s annual investment amounts to SR22 billion and this offer a good opportunity for Saudi investors including industrialists and contractors,” Al-Ghamdi said, adding that the company encourages contractors to purchase Saudi products and employ Saudis.
He said SEC now deals with more than 190 Saudi industries.
