عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Industry Investments Exceed $346 Billion

A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
TT
TT

Saudi Industry Investments Exceed $346 Billion

A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)

The value of investments in the Saudi industrial sector amounted to 1.3 trillion riyals ($346.6 billion), with the imminent activation of the Kingdom’s National Strategy for Industry by the beginning of 2023.

Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI), pointed to the rapid and qualitative growth of military industries in the Kingdom.

Since the formation of the Authority, the total number of establishments reached 156, with an estimated investment volume of 40 billion riyals ($10.6 billion), Al-Ohali said on Monday.

The establishments employ 21,000 people, including Saudis who receive the best training opportunities to enhance knowledge and expertise in this vital sector, he told a panel discussion on the role of national industry in facing risks. The panel was part of the Budget 2023 Forum in Riyadh.

Organized by the Ministry of Finance, the forum concluded its two-day sessions on Monday at the King Abdullah Petroleum Studies and Research Center (KAPSARC), with the participation of senior officials from the public and private sectors.

Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil noted that the value of investments in the industrial sector amounted to 1.3 trillion riyals.

He revealed that the National Strategy would offer more than 800 investment opportunities worth one trillion riyals ($266 billion), in addition to increasing exports of advanced technical products by about six times and creating tens of thousands of jobs.

Al-Zamil added that the sector has succeeded in attracting investments worth more than 21.8 billion riyals, while the number of manpower has doubled to reach 47,125 workers, with a localization rate of more than 42%.

Another session, entitled “The Impact of the Budget on Empowering Women”, touched on the women’s empowerment initiative and the relevant reforms adopted by the government and the private sector to promote the role of women in the Kingdom.

In this context, Dr. Hala Al-Tuwaijri, head of the Saudi Human Rights Commission, stated that the Kingdom has taken a comprehensive reform approach to empower women and increase their participation in the labor market.

She emphasized Saudi Arabia’s commitment to international agreements, including the Convention on the Elimination of all Forms of Discrimination against Women, known as CEDAW.

Most Viewed

 
 
Business

Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
TT
TT

Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.