Over 2,000 Local Factories Linked to Saudi Mega Projects

The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)
The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)
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Over 2,000 Local Factories Linked to Saudi Mega Projects

The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)
The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Industry and Mineral Resources has added over 200 products to the national mandatory list and localized the production of vaccines and biological drugs for around 214 priority treatments.

Additionally, more than 2,000 local factories are now linked to major projects like NEOM, ROSHN, and the Diriyah Gate Development Authority.

A recent report reviewed by Asharq Al-Awsat reveals that the industrial sector saw substantial growth last year, with over 1,300 new licenses issued, attracting more than 81 billion riyals ($21.6 billion) in investments.

Around 1,055 factories began operations with investments of over 45 billion riyals ($12 billion), highlighting significant investor interest and supportive government policies.

By the end of 2023, there were 11,500 factories, with 9,400 operational and 2,100 under construction. National factories received the largest share of investments, followed by foreign and joint ventures.

Total factory investments reached about 1.5 trillion riyals ($400 billion) in 2023, with operational factories accounting for 1.4 trillion riyals ($373.3 billion) and those under construction about 122 billion riyals ($32.5 billion).

The Ministry also helped 13 industrial companies list on the Saudi Stock Exchange (Tadawul) with a combined capital of 2 billion riyals ($533.3 million).

The government also launched a platform for those interested in the Kingdom’s industry landscape, providing data on over 75 investment opportunities, benefiting 100 investors.

Mining Sector

Saudi Arabia’s mining sector continued to grow last year, with over 200,300 active licenses, including 816 issued in 2023. Construction quarries held 64% of the licenses, followed by exploration, exploitation, reconnaissance, and surplus ores.

The Ministry offered five mining licenses for economically viable sites and allocated 15 sites for mining activities for four types of ores. The sector achieved record revenues of over 1.8 billion riyals ($480 million) last year.

Total investments in mining industries reached 443 billion riyals ($118.1 billion), with direct foreign investments in the industry amounting to about 210 billion riyals ($56 billion).



Saudi Market Authority: Kingdom Unaffected by Global Technical Disruptions

Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
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Saudi Market Authority: Kingdom Unaffected by Global Technical Disruptions

Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)

The Saudi Capital Market Authority (CMA) has assured the integrity and full operational readiness of its systems following global technical disruptions affecting various sectors.
The CMA confirmed that it has been coordinating with relevant authorities from the outset to ensure uninterrupted service for all investors during Sunday’s trading sessions.
In a statement released on Saturday, the CMA emphasized that listed companies in the financial market have been instructed to disclose any significant developments related to the issue.
The Saudi Stock Exchange, Tadawul, also confirmed the reliability and readiness of its systems to ensure uninterrupted service for all investors.
The CMA highlighted that technical teams are monitoring the systems round-the-clock to ensure the continuous functioning of services and the technical infrastructure, ensuring business continuity and system efficiency in the market.
Limited Impact
Since the onset of the global technical crisis, the Saudi National Cybersecurity Authority (NCA) reported that the impact on the Kingdom has been limited.
In a statement, the NCA referenced media reports of widespread technical failures in critical sectors worldwide and clarified that the impact on national entities in Saudi Arabia has been minimal, based on current assessments.
The NCA attributed these global disruptions to a technical error in a product update released by cybersecurity firm CrowdStrike early Friday morning.
Cyber Incidents
The NCA credited the robust support and significant backing from Saudi leadership for the cybersecurity sector, enabling proactive measures to detect and address cyber threats and risks.
The NCA has also been committed to fostering local cybersecurity capabilities and enhancing technological sovereignty.
The NCA affirmed that its cybersecurity regulations and standards have bolstered the security and reliability of the Kingdom’s cyberspace, positively impacting the protection of national entities and critical infrastructure.
The authority continues to oversee compliance with these regulations through its National Cybersecurity Services Portal (Haseen), working in partnership with all national entities to enhance national cybersecurity.
This initiative is fundamental to safeguarding the Kingdom’s vital interests, critical infrastructure, government services, and key sectors in both the public and private domains.