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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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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)

Kazakh Ambassador to Saudi Arabia, Madiyar Menilbekov, announced that his country eagerly anticipates the completion of ACWA Power’s first wind energy project in the Zhetysu region. This project, led by the Saudi company, will have a total capacity of 1 gigawatt and an investment value of approximately $1.5 billion.
ACWA Power announced last March that it would execute this project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. Construction is expected to commence in the summer of 2025.
Menilbekov told Asharq Al-Awsat that both countries “have established a solid political dialogue at a high level, along with cooperation in trade, economics, culture, and parliamentary exchange.” He expects this high-level dialogue to continue at the upcoming COP 16 summit in Riyadh.
He further emphasized that trade, economic, and investment cooperation is the cornerstone of the bilateral relationship, noting: “Both countries share a similar outlook on economic development, reflected in Kazakhstan’s Strategic Program 2050 and Saudi Arabia’s Vision 2030.”
The Kazakh ambassador highlighted that last September, the Islamic Development Bank approved financing for projects in Kazakhstan focused on water resource development, enhancing agricultural productivity, and ensuring food security, with total allocations amounting to $1.153 billion.
In tourism, he noted significant progress toward establishing direct flights between the two countries. Air Astana launched flights between Shymkent and Jeddah in October and announced a route from Almaty to Medina, bringing the total to six direct flights. Additionally, Kazakh companies in construction, oil services, and IT have recently opened offices across Saudi Arabia. The Farabi Innovation Center was inaugurated in Riyadh to attract talented entrepreneurs and innovative startups from Nur-Sultan and Central Asia to the Kingdom.
Menilbekov explained that since gaining independence, Kazakhstan’s GDP has grown 17-fold, with foreign trade reaching $139.8 billion last year. He added: “Since 1993, Kazakhstan has attracted a total of $441 billion in foreign direct investment, allowing our economy to remain one of the most dynamic in Central Asia and the post-Soviet region.”
According to Menilbekov, Kazakhstan is the world’s largest producer and exporter of natural uranium, responsible for more than 45% of global production and exports. He also noted that Kazakhstan produces 18 of the 34 raw materials identified by the European Union as “critical materials.”
Menilbekov further mentioned that Kazakhstan possesses 200 million hectares of agricultural land, with about 100 million hectares currently under regular cultivation.