Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has unveiled the first-ever natural gas storage project in Al-Hawiyah, Unaizah.
With a storage capacity of 2 billion cubic feet, this project is a flagship initiative under the National Industrial Development and Logistics Program (NIDLP), a cornerstone of Saudi Vision 2030.
Key to this vision is Saudi Arabia’s strategic intent to leverage its geographical advantage and natural resources to foster an economy open to foreign investment and ripe for competitive growth.
Alkhorayef - who is also the chairman of NIDLP - noted during the annual celebration of the program in the attendance of several ministers and officials that NIDLP has witnessed the signing of five new renewable energy projects of production capacity up to 6 gigawatts.
He indicated that these projects would produce energy at competitive prices.
The mining sector has witnessed a record revenue surge of more than SAR 1.5 billion ($400 million), under the program’s influence, the minister reiterated.
He further noted that the Kingdom has won the award of the best state in enhancing the legislative and investment environment in mining.
The Saudi minister continued that the program has attained many achievements, the most important of which is the launch of four new economic zones by Prince Mohammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister.
Also speaking at the same event, Saudi Minister of Transport and Logistics Sector Saleh Al-Jasser said: “In cooperation with NIDLP, we are continuing to achieve the national transport strategy.”
CEO of NIDLP Suliman Al-Mazroua shed light on the program’s executive performance during 2023.
“The program’s executive performance increased to 87 percent and by more than 17 degrees since the beginning of the year,” Al-Mazroua disclosed.
As for job creation in 2023, he projected it would be the highest, standing at more than 200,000 jobs.
Economic indicators of the NIDLP reveal a contribution of 35% to the non-oil GDP, with non-governmental investments surpassing SAR 97 billion ($25.8 billion).
