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.



China Denies It Is Currently in Talks with Washington over Tariffs

A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
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China Denies It Is Currently in Talks with Washington over Tariffs

A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 

Beijing on Thursday denied it has held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.

“There is currently no economic and trade negotiations between China and the United States,” the Chinese commerce ministry’s spokesperson He Yadong said.

Yadong added, “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”

US President Donald Trump had suggested on Tuesday that the final tariff rate on China's exports would come down “substantially” from the current 145%.

Trump told reporters that Washington is going to be “very nice” to Beijing. “145% is very high and it won't be that high,” Trump said in a question-and-answer session with reporters in the Oval Office.

Earlier in the day, Treasury Secretary Scott Bessent told a private investor conference put on by JPMorgan Chase that he believed the current situation between China and the US would not last. He told the gathered investors to expect a “de-escalation.”

On Wednesday, Trump said that any reduction in tariffs placed on China will depend on the actions of its leaders.

“It depends on China how soon the tariffs can come down,” he said speaking in the Oval Office.

Trump then confirmed that he was in direct contact with China and President Xi “every day” and that he hopes the two sides would reach a deal.

Meanwhile, Trump’s top economic adviser said he is “optimistic” that a trade deal can be cut with China.

“I’m optimistic that we will have a deal with China, and I’m optimistic that we will be able to take the temperature down a bit and provide both economies and the world breathing space,” Stephen Miran, chairman of the Council of Economic Advisers, said at Semafor’s World Economy Summit.

On Wednesday, Chinese President Xi Jinping said that tariff and trade wars undermine the legitimate rights and interests of all countries, hurt the multilateral trading system and impact the world economic order.

Also, Beijing clarified it has not held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.

Foreign Ministry spokesperson Guo Jiakun said, “China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement,” calling reports of such information “false news.”

Meanwhile, in Washington DC, China's central bank Governor Pan Gongsheng said China will firmly support free trade rules and the multilateral trading system, in remarks made at a G20 meeting on the sidelines of the IMF-World Bank Spring Meetings.