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Mining, Manufacturing Activities Drive a Leap in Saudi Industry Growth

Mining, Manufacturing Activities Drive a Leap in Saudi Industry Growth

Friday, 10 June, 2022 - 09:15
The Saudi Minister of Industry and Mineral Resources visits Al-Khunaiqiah Mining Site in Saudi Arabia. (Asharq Al-Awsat)

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has launched a program to support small and medium-sized enterprises in the field of innovation, with the aim of developing the industry sector in the Kingdom.

The joint program was launched in cooperation with the King Abdullah University of Science and Technology (KAUST), within the framework of the memorandum of understanding signed by the two parties at the end of 2019, to support and implement research projects that contribute to Saudi Arabia’s industrial development.

Qusai Al-Abdulkarim, Director of Marketing and Corporate Communications at MODON, said that the joint program was launched in 2021 in two phases and fell within a strategy to empower the industry, increase the content and establish integrated partnerships with the public and private sectors, in line with the objectives of the Kingdom’s Vision 2030 and the MODON initiatives to diversify the national economy and consolidate concepts of sustainable development.

Meanwhile, the monthly bulletin issued by the General Authority for Statistics (GASTAT) revealed that Saudi Arabia’s industrial production index (IPI) has increased by 26.7% compared to the same period last year.

The IPI continued to show positive growth rates due to the high production in mining, quarrying, and manufacturing activity, it stated.

The mining and quarrying grew in April by 28.3% compared to the previous year, while the manufacturing activity rose by 25.1% compared to 2021. The electricity and gas supplies decreased by 2%, it stated.

According to the report, the overall index increased by 0.5% compared to March 2022. Mining and quarrying showed a month-on-month growth rate of 1.3%. The manufacturing sector decreased by 2.0%, electricity and gas supplies increased by 2.1%, it added.

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