Saudi Industrial Investments Grow to $346 Bn

An industrial city in Saudi Arabia. (SPA)
An industrial city in Saudi Arabia. (SPA)
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Saudi Industrial Investments Grow to $346 Bn

An industrial city in Saudi Arabia. (SPA)
An industrial city in Saudi Arabia. (SPA)

The total investments of the industrial sector in Saudi Arabia have reached $346 billion, after investments in 2021 stood at $21 billion, according to figures issued by the National Industry Information Center (NIIC).

A detailed bulletin on mining indicators in Saudi Arabia revealed 2,100 valid licenses, of which 775 licenses were issued in 2021, varying between 579 building materials quarries licenses, 164 exploration licenses, and 32 survey licenses.

The Center highlighted the investment index of factories that started production for the year 2021, which exceeded $19 billion, in addition to the number of new licenses for the same year, which totaled 954 licenses.

The total factories that started production in the same period amounted to 820 factories.

The Ministry of Industry and Mineral Resources publishes the "monthly bulletin for industry and mining," which sheds light on the top indicators of the industrial and mining activities in Saudi Arabia.

The bulletin highlights the top figures, information, and statistics on the industrial and mining sectors, in addition to the essential services that the ministry provides to highlight investment opportunities offered by the two industries.



Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
TT

Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.