Saudi Arabia Issues 86 Industrial Licenses in April Worth $587 Million

A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)
A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)
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Saudi Arabia Issues 86 Industrial Licenses in April Worth $587 Million

A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)
A part of Ras Al Khair Industrial City, which is considered the main cornerstone of the mining industry in the Kingdom (SPA)

Saudi Arabia's Ministry of Industry and Mineral Resources issued 86 new industrial licenses in April, totaling investments of SAR2.2 billion (USD587 million). This brings the year-to-date total to 410 licenses.

According to a report from the ministry’s National Center for Industrial and Mining Information released on Sunday, 67 factories began production in April, investing SAR1.5 billion (USD400 million).

Food production led with 12 new factories, followed by chemicals with 11, and rubber/plastics with 10.

The report noted that 92.5% of new factories were domestic, with joint ventures at 5.9% and foreign investments at 1.49%.

As of April 2024, Saudi Arabia had 11,800 operational or under-construction factories, with investments totaling SAR1.4 trillion (USD373 billion), up from about 10,800 in April 2023.

Small-scale facilities received 80.2% of new licenses, followed by medium-scale at 13.9%. Domestic factories accounted for 100% of the licenses by investment type.

The new licenses were distributed across 10 regions, led by Riyadh with 36 factories, Makkah with 22, and the Eastern Region with 17. Medina had three factories, while Qassim and Hail had two each. Najran, Asir, Al Jouf, and Tabuk each had on.

The ministry’s updates provide insights into Saudi Arabia’s industrial activity, highlighting changes in new investments and factory openings on a monthly basis.



Iraq Says Iran Used Forged Iraqi Documents on Oil Tankers, Tehran Denies

FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo
FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo
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Iraq Says Iran Used Forged Iraqi Documents on Oil Tankers, Tehran Denies

FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo
FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo

Iraq's oil minister Hayan Abdel-Ghani has said told state television that Iranian oil tankers stopped by US forces in the Gulf were using forged Iraqi documents.

US President Donald Trump's administration has restored his earlier "maximum pressure" policy on Iran, reviving a policy that seeks to isolate the country from the global economy and eliminate its oil export revenue in order to slow Tehran's development of a nuclear weapon.

"We received some verbal inquiries about oil tankers being detained in the Gulf by US naval forces carrying Iraqi shipping manifests," Abdel-Ghani said on state television late on Sunday, adding there had been no formal written communication.

"It turned out that these tankers were Iranian ... and were using forged Iraqi documents. We explained this to the relevant authorities with complete transparency and they also confirmed this."

Iran's oil ministry on Monday denied that Tehran had used forged official documents and said allegations that they had done so came from US officials, the ministry's Shana news agency reported.

"It's obvious that these allegations by US officials fold into the illegal... pressure on the nation of Iran and have no basis or credibility," Shana said.

Iran views neighbor and ally Iraq as vital to keeping its economy afloat while under sanctions. But Baghdad, a partner to both Washington and Tehran, is wary of being caught in the crosshairs of Trump's policy to squeeze Iran, sources have said.

Reuters reported in December that a sophisticated fuel oil smuggling network that experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq in the past few years, including by using forged documentation.

Abdel-Ghani said state marketer SOMO sold crude exclusively to companies that own refineries and does not supply trading firms.

"SOMO operates with full transparency and has committed no wrongdoing in the oil export process," he said.