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Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
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Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness

A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)
A Saudi factory located in the industrial city of Asir in the southern region of the Kingdom (Asharq Al-Awsat)

Saudi factories are increasingly adopting automation to improve product quality and competitiveness while cutting costs.
A total of 479 factories have completed the Smart Industry Readiness Index “SIRI” assessment, exceeding the Kingdom’s 2023 targets.
The Ministry of Industry and Mineral Resources started evaluating the second group of factories under the Future Factories Program in July 2023. This phase covers 260 factories, each with licensed capital over SAR 200 million ($53.3 million).
According to a recent report reviewed by Asharq Al-Awsat, the Ministry resolved 97 challenges last year and provided consultancy support to 17 factories to protect national industries from unfair competition.
In the 2023 Digital Transformation Measurement Program, the Ministry achieved 87.08% success and connected with over 67 government entities. It also launched several systems and websites to support its strategic goals.
Saudi Arabia’s mining sector achieved a 98% compliance rate in licensing, with 15 new mining sites designated last year.
The government launched a geological mapping project for the Arabian Shield, producing 271 reports and maps, and introduced a service to match petrochemical raw materials with industrial needs.
The Ministry of Industry and Mineral Resources reported a 10% increase in operational factories in 2023, from 10,518 in 2022 to 11,549. New licenses totaled 1,379, attracting over SAR 81 billion ($21.6 billion) in investments. Production began in 1,058 factories, with investments of SAR 45 billion ($12 billion).
By the end of December 2023, the total number of operational factories in Saudi Arabia reached around 11,549, with investments totaling SAR 1.541 trillion ($410.9 billion).
New licenses covered 25 industries, led by food production (244 licenses), non-metallic minerals (176), fabricated metals (165), and rubber and plastics (123).
National companies received the majority of new licenses (1,043), followed by foreign investments (194) and joint ventures (142).
Small enterprises received the most licenses (1,203), followed by medium-sized enterprises (158), micro-enterprises (15), and large enterprises (3).

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Public Investment Funds Assets in Saudi Arabia Rise by 37%

The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat
The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat
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Public Investment Funds Assets in Saudi Arabia Rise by 37%

The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat
The headquarters of the Saudi Capital Market Authority in Riyadh. Asharq Al-Awsat

The value of public investment fund assets—both domestic and foreign—in the Saudi financial market recorded an annual growth of 37%, increasing by nearly SAR43 billion ($11.6 billion) by the end of the third quarter (Q3) of 2024, bringing the total to SAR160.087 billion ($43.22 billion), compared to SAR117.117 billion ($31.62 billion) during the same period in 2023.

Quarterly, the asset value grew by 10.4%, representing an estimated increase of SAR15.120 billion ($405 million), compared to SAR144.967 billion ($38.6 billion) at the end of the second quarter (Q2) of this year, according to data from the quarterly statistical bulletin of the Capital Market Authority for 2024.

The number of subscribers recorded a 51% increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of the same period last year.

This growth was supported by an increase in domestic investment assets, which grew annually by 42%, at SAR39.598 billion, bringing the total to approximately SAR134.431 billion. These assets represent 84% of the total asset value.

Meanwhile, foreign investment assets recorded an annual growth of 15.1%, increasing by over SAR3 billion to reach SAR25.656 billion, which accounts for 16% of the total asset value.
The number of public investment funds grew annually by 10%, with an increase of 27 funds, bringing the total to 310 funds.
Public investment fund assets were distributed across 14 investment types, with the highest value being the money market fund assets, valued at SAR44.868 billion and representing 28% of total assets. Equity fund assets ranked second in value at SAR34.767 billion, accounting for 27.3% of total assets. Real estate investment fund assets were third, reaching SAR29.263 billion and representing 18.3% of total assets. Debt instrument fund assets were fourth, valued at SAR22.236 billion, making up 14% of total assets.