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Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
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Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)

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).

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Saudi Vision Drives Localization, Reduces Unemployment to 7%

A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
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Saudi Vision Drives Localization, Reduces Unemployment to 7%

A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)

Since the launch of Saudi Arabia's Vision 2030 in 2016, the Kingdom has focused on a clear goal: building a diversified and sustainable economy, reducing its dependence on oil, and investing in the potential of its citizens.

Nearly nine years of continuous effort later, the results today reflect a new reality, showcasing the success of Vision 2030 in transforming ambitions into tangible achievements, particularly in the labor market and the empowerment of national talent.

Saudi Arabia's unemployment rate for nationals has dropped to its lowest level, registering 7% in 2024, achieving the Vision 2030 target ahead of schedule. This marks a significant achievement, considering that tackling unemployment was one of the strategic document's top priorities.

The sharp decline is largely attributed to a substantial rise in Saudi women's participation in the labor market, which reached 36%, driven by a series of social and economic reforms. These initiatives have reshaped the role of women in development, opening vast opportunities in education, the workforce, and leadership positions.

Vision 2030 initially aimed to raise women's labor force participation to 30% by 2030. With this target already surpassed a decade early, the goal has now been revised to 40% by 2030, reflecting the effectiveness of national policies in enhancing workforce localization and leveraging Saudi talent.

Historically, Saudi Arabia's labor market has been heavily reliant on the public sector. However, Vision 2030 has driven a shift toward the private sector, with the number of Saudi nationals employed there rising from 1.7 million in 2020 to over 2.4 million in 2024.

In 2024 alone, 437,000 citizens were hired in the private sector, supported by more than 7.5 billion riyals ($1.9 billion) from the Human Resources Development Fund for training, qualification, and career guidance programs. This reflects the government's commitment to preparing a generation capable of adapting to the demands of the evolving job market.

These figures are not only significant in statistical terms, but also serve as a clear indicator of the fundamental transformation driven by Vision 2030 in the national economy. The vision has made empowerment, diversity, and sustainability key pillars in Saudi Arabia's path toward the future.