Saudi Arabia intends to offer at least 800 industrial projects with a combined value of more than $266 billion in 2023, according to an industry official.
The projects are part of plans by the largest Arab economy to stimulate ‘National Industrial Strategy’ within its Vision 2030 designed to diversify the economy and lessen reliance on volatile oil sales, Industry Ministry Undersecretary Osama Al-Zamil said.
Zamil said on the sidelines of the newly-released 2023 budget on Monday that the Kingdom’s target is to triple the manufacturing sector’s contribution to GDP to more than $238 billion and double non-oil industrial exports to over $148 billion at the end of Vision 2030.
“We are planning to present more than 800 industrial investment opportunities in 2023 with a total value of more than one trillion riyals…our aim is to bring addition investments of 1.3 trillion riyals ($346 billion) into the industrial sector in the next years,” Zamil told the meeting in remarks published by Al-Madina and other Saudi newspapers.
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