Saudi Industrial Investments Target $260 Bln

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
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Saudi Industrial Investments Target $260 Bln

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef called on the industrial business sector to take advantage of opportunities available in the Kingdom, noting that there are 12 sectors that have been targeted by 64 initiatives.

Speaking at the Sixth Riyadh Industrialists Council meeting organized by the Riyadh Chamber of Commerce, Alkhorayef said that gains achieved through Saudi Vision 2030 were remarkably substantial.

Alkhorayef pointed to the need for strengthening small factories, expanding large factories, and bringing developed factories to global competition.

International companies in all countries of the world are asking directly to identify investment opportunities in the Kingdom, revealed Alkhorayef, explaining that this can be traced back to the Kingdom’s role as an important and influential player within the global economy.

The meeting witnessed an open discussion on Saudi Arabia’s national strategy for industry.

The strategy had been developed according to several levels, aiming for the private sector to lead the industrial sector by 2035. This will be done through focusing on the principles of global leadership, diversity, and technology adoption.

Key objectives of the strategy focus on creating a flexible industrial economy capable of adapting to changes and leading industrial regional integration to meet demand and achieve leadership in manufacturing a group of selected commodities.

Alkhorayef noted that government capabilities and strengths help achieve these goals.

A presentation given during the meeting on the national strategy for industry drew attention to developing phased plans to activate the targeted groups of industrial commodities.

According to the presentation, current capabilities, technologies and qualifying human capital can attract 814 opportunities, with an investment size of SAR979 billion ($260 billion) in 2035.

Abdullah Alkhorayef, a member of the board of directors and chairman of the Industrial Committee at the Riyadh Chamber, expressed confidence in the development the sector is witnessing and the incentives it is offering to increase competitiveness.

In related news, the Saudi Industrial Development Fund, known as SIDF, approved 111 loans amounting to SAR14 billion ($3.7 billion) in 2022 in sectors including industry, energy, mining, and logistics.

The organization has revealed that small and medium enterprises obtained 87 loans, representing 79% of the total approved, while 40 loans were provided to factories.

Lending from the fund was directed at qualitative and strategic projects that would contribute to increasing the local content and raising the quality of local industries.



Iraq Says it is Committed to OPEC+ Cuts

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo
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Iraq Says it is Committed to OPEC+ Cuts

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km from Adana February 19, 2014. REUTERS/Umit Bektas/File Photo

Iraq said Monday that it was committed to OPEC+ group’s supply agreement and that it would present an updated plan to compensate for any overproduction of its quotas in recent months.

Baghdad, OPEC's second largest producer, said its oil minister Hayan Abdel-Ghani had spoken with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al-Ghais.
Iraq said it will continue its efforts to compensate the accumulated overproduction while taking into account an anticipated handover of oil for export from the Kurdistan Regional Government (KRG).
OPEC+, which groups together members of the Organization of Petroleum Exporting Countries and allies such as Russia, is set to begin scheduled supply increases in April.
OPEC+ is currently cutting output by 5.85 million barrels per day (bpd), equal to about 5.7% of global supply, agreed in a series of steps since 2022.
In December, the group extended its latest layer of cuts through the first quarter of 2025, pushing back a plan to begin raising output to April, the latest of several delays due to weak demand and rising supply outside the group.
Baghdad is waiting for Türkiye's approval to restart oil flows from the Iraqi Kurdistan region after a two-year halt which started in March 2022 when the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad $1.5 billion in damages for unauthorized exports between 2014 and 2018.

An Iraqi oil ministry official earlier told Reuters around 185,000 barrels per day would be exported from Kurdistan's oilfields through the Iraq-Türkiye pipeline once the oil shipments resume.