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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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French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
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French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)

People in France must work more, Finance Minister Antoine Armand said on Monday, adding that the fact that French people worked less than their counterparts in Europe was harming the economy due to lower tax contributions and social security payments.

The government is examining reforms to speed up its sluggish economic growth, although changes to work practices are often opposed by trade unions.

"On average, a French person works clearly less than his neighbors, over the course of a year," Armand told C News TV.

"The consequence of this is fewer social security payments, less money to finance our social models, fewer tax receipts and ultimately fewer jobs and less economic growth."

France, the euro zone's second biggest economy, wants to cut its public deficit to a targeted 5% of GDP by 2025.

The country's 35-hour work week, introduced in 2000, has typically been fiercely defended by trade unions, while reforms to France's pension system have also faced widespread protests.

"Let's all work a bit more, collectively speaking, starting off by making sure that everyone respects the working hours that they have been given, in all sectors," Armand said.