RIYADH: New investments in Saudi Arabia’s industrial sector increased by 63 percent in 2023, totaling SR15 billion ($3.99 billion) more than the year before.
The Saudi Authority for Industrial Cities and Technology Zones released its annual report this year, stating that SR415 billion in total funding was allocated to 891 domestic and international projects. Foreign inflows increased by 85% over the prior year, highlighting the Kingdom’s increasing desirability as a top location for foreign investors.
Furthermore, there was a vigorous push to attract and facilitate the paths of present and future partners. “A continuous improvement journey for internal procedures tailored for partners and stakeholders,” he continued, “according to which the digital transformation index increased by 9 percent to a rate of 85.77 percent concurrently.”
Along with a 6% rise in producing factories, the study also showed a 13% increase in new manufacturing facilities. In addition, 1,301 production units and facilities are operational, indicating a notable growth in the industrial infrastructure of the Kingdom.
Additionally, under the Saudi Arabia National Industrial Development and Logistics program, the government agency implemented 260 ready-made factories in key industrial locations throughout the Kingdom, with substantial participation from the private sector.
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