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Saudi National Industry Strategy to Support Diversifying Kingdom’s Economic Base

Saudi Arabia’s new industrial strategy enhances self-sufficiency and export capacity, which will reflect positively on the economy (Asharq Al-Awsat)
Saudi Arabia’s new industrial strategy enhances self-sufficiency and export capacity, which will reflect positively on the economy (Asharq Al-Awsat)
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Saudi National Industry Strategy to Support Diversifying Kingdom’s Economic Base

Saudi Arabia’s new industrial strategy enhances self-sufficiency and export capacity, which will reflect positively on the economy (Asharq Al-Awsat)
Saudi Arabia’s new industrial strategy enhances self-sufficiency and export capacity, which will reflect positively on the economy (Asharq Al-Awsat)

Saudi Arabia’s Crown Prince Mohammed bin Salman has introduced a new National Industry Strategy (NIS) that aims to triple industrial output and increase the value of the kingdom’s industrial exports to about SAR 557 billion ($148.5 billion) by 2030.

Experts believe that the strategy has drawn a clear roadmap to push the Kingdom towards becoming a global industrial hub that supplies international markets with high-quality and competitive products.

Saudi businessman and head of “Al-Tamayuz” software company in Riyadh, Abdullah bin Zaid Al-Malehi, stressed that the NIS is considered a strong indicator for the Saudi economy and its pivotal role in backing the global economy.

“The strategy will enhance the position of the Saudi economy among the ranks of the world’s 20 largest economies,” Al-Malehi told Asharq Al-Awsat.

Al-Malehi predicted that the NIS will likely produce global and local alliances and partnerships in the field of advanced industrial technology and the manufacture of large data centers in Saudi Arabia.

The new strategy calls for increasing the number of factories in the Kingdom to 36,000 by 2035. Moreover, the NIS will help create tens of thousands of quality jobs.

Al-Malehi pointed out that the total investments of the industrial sector will exceed SAR 1.37 trillion ($364.5 billion), according to the bulletin of the Ministry of Industry and Mineral Resources in Saudi Arabia.

The strategy is a major driver for the work of industrial training centers for Saudi cadres, added Al-Malehi, noting that training on the latest industrial technologies, such as artificial intelligence and robotics, is a significant part of the industrial future.

Al-Malehi also explained that several reliable international institutions have reached the conclusion that Saudi industrial investment incentives are among the first in the world.

For his part, Abdulrahman Baeshen, head of Al-Shorouk Center for Economic Studies in Jazan, Saudi Arabia, stressed that the NIS will turn into a major pivot for diversifying the national economy.

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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)

Egypt and the International Monetary Fund (IMF) have agreed to review their joint credit facilitation program to ensure that no additional burdens are placed on citizens.

Egyptian Prime Minister Mostafa Madbouly reiterated the government’s commitment to “maintaining a flexible exchange rate in coordination with the central bank to safeguard the progress achieved in this area.” He expressed hope that the meetings with the IMF delegation in the coming days would “conclude the fourth review of the economic reform program.”

Following a meeting on Sunday between President Abdel Fattah al-Sisi and IMF Managing Director Kristalina Georgieva in Cairo, the Egyptian Presidency announced that Georgieva expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments.”

In March, Egypt signed an $8 billion extended financial support package with the IMF, which requires reducing subsidies on fuel, electricity, and essential goods and allowing the Egyptian pound to float.

In late October, Sisi warned that his government might need to reassess its program with the IMF if international institutions do not account for the extraordinary regional challenges the country is facing. He cited a nearly 60% drop in Suez Canal revenue due to security tensions in the Red Sea as an example.

During the meeting with Georgieva, Sisi expressed Egypt’s commitment to continuing its cooperation with the IMF, building on progress to boost economic stability and reduce inflation. However, he stressed the need to acknowledge recent challenges Egypt has faced due to regional and international crises, which have impacted foreign currency reserves and budget revenues.

Sisi reiterated that the government’s primary focus is on alleviating pressures on citizens, particularly by controlling inflation and curbing rising prices, while also continuing efforts to attract investments and empower the private sector to drive employment and growth.

Georgieva, in turn, commended Egypt’s recent efforts and the reform program being “carefully implemented with a focus on the most vulnerable.” She highlighted the progress in macroeconomic indicators despite unprecedented current challenges, noting that this has been reflected in positive assessments from international credit rating agencies, improved credit ratings, and increased investments.

She expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments” and emphasized the IMF’s commitment to working with the Egyptian government to identify optimal reform paths.