Saudi Arabia Local Industry Secured $21 Billion in Investment in 2021, Says Minister

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
TT
20

Saudi Arabia Local Industry Secured $21 Billion in Investment in 2021, Says Minister

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia attracted 81 billion riyal ($21.6 billion) of investments in the industrial sector in 2021 for both the private sector and joint ventures with government entities, the Saudi industry minister said on Monday.

The Kingdom has set itself high targets for diversifying its economy and reducing its dependence on oil, pouring hundreds of billions of dollars into Vision 2030 initiated by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

"This industrial sector in general is really growing. I mean, we have seen 2021... We achieved more than 81 billion riyal of new investments coming during the year," Bandar Al-Khorayef, Saudi Arabia's Mining and Industry Minister said.

Al-Khorayef spoke to Reuters on the sidelines of the Kingdom's inaugural arms fair, the World Defense Show, as the country hopes to move from being a mostly a weapons importer to a sophisticated manufacturer and exporter.

A series of joint ventures between Saudi firms and top global aerospace and defense manufacturers have been announced in recent years as part of that strategy to localize some industrial capabilities. The minister said many of those partnerships are still being discussed while some were cancelled after review.

"Some just probably didn't make sense and we have to be realistic," he said.

"Getting into a joint venture is a big deal, so having a partner specifically of any business takes time ... You need to ensure that you choose the right partner because it's going to be for a long period of time," he added.

The minister did not say which joint ventures had been cancelled, but he said he wanted the process of localization in the defense sector to move quicker.

"Definitely, I am not satisfied. You know, we are having high ambitions but manufacturing capabilities do take time," Al-Khorayef said.

Riyadh plans to invest 12 trillion riyal by 2030 to help refocus the economy away from oil, while giving foreign firms until the end of 2023 to set up headquarters or risk losing out on government contracts.

Saudi authorities say much of the plan is still in its initial phase and money will increasingly start pouring into the Kingdom over the next few years.



Saudi Arabia Arrests Citizen for Promoting Fake Hajj Campaign Ads  

A suspect is arrested for promoting fake Hajj campaigns. (Directorate of Public Security)
A suspect is arrested for promoting fake Hajj campaigns. (Directorate of Public Security)
TT
20

Saudi Arabia Arrests Citizen for Promoting Fake Hajj Campaign Ads  

A suspect is arrested for promoting fake Hajj campaigns. (Directorate of Public Security)
A suspect is arrested for promoting fake Hajj campaigns. (Directorate of Public Security)

Saudi police in the Makkah region have arrested a citizen for posting fraudulent and misleading Hajj campaign ads on social media.

The ads promised accommodation and transportation services for pilgrims in the holy sites, aimed at deceiving people for financial gain.

The Directorate of Public Security announced on its official X account that the suspect has been detained, with legal action taken against him. The case has been referred to the Public Prosecution.

The Directorate urged citizens and residents to adhere to the rules and regulations of Hajj and report any violations by contacting the following numbers: (911) for Makkah, Riyadh, and the Eastern Province, and (999) for the rest of the Kingdom.

Last week, Saudi authorities warned individuals planning to perform Hajj to avoid falling for fake ads and deceptive offers, urging them to only use official channels.

In a statement, the Ministry of Hajj clarified that pilgrims must obtain a Hajj visa issued by the relevant Saudi authorities, coordinated with specialized offices in 80 countries.

The ministry also highlighted the direct booking options available through the Nusuk Hajj platform for pilgrims from 126 countries.

The statement emphasized that the official electronic path on the ministry’s website and the Nusuk app are the only authorized channels for domestic pilgrims to book packages.

The ministry has made provisions for inquiries and reports in multiple languages, available 24/7 through the “Guest of Rahman Care” center.

This is part of the ministry’s efforts to assist pilgrims and ensure they perform their rituals with ease and peace of mind.

In related developments, the Ministry of Tourism last Sunday reinforced the prohibition on hosting individuals in Makkah who do not have a valid Hajj permit or work/residence entry approval.

This directive, effective from April 29 until the end of the Hajj season, aims to ensure the safety and security of pilgrims.

Coinciding with this, the Ministry of Interior announced measures to safeguard pilgrims' safety, stating that individuals holding any type of visa other than a Hajj visa will not be allowed entry or stay in Makkah during this period.

The Ministry of Tourism also clarified that hospitality facilities in Makkah are strictly prohibited from hosting those affected by the Interior Ministry's directive, with violations subject to legal penalties.