The Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, revealed that the mining sector managed to achieve the highest revenues in its history exceeding 727 million riyals, an increase of more than 27% compared to last year, while the Industrial Fund recorded the highest amounts of disbursement since its inception, amounting to 10 billion SR in the industrial, mining, energy and logistics sectors.
This came during his participation in a dialogue session entitled “Future Prospects” within the activities of the 2022 Budget Forum, with the participation of Minister of Sports Prince Abdulaziz bin Turki Al-Faisal, and Minister of Tourism Ahmed bin Aqil Al-Khatib.
Al-Khorayef explained that the industrial sector attracted more than 77 billion riyals New investments this yearMeanwhile, about 667 factories started production operations, compared to 515 factories last year, indicating that the number of new licenses issued by the ministry reached 954, and the sector provided 55 thousand jobs during this year, with a localization rate of nearly 38%.
And he indicated that the Saudi Industrial Development Fund approved loans worth approximately 11 billion riyals for the establishment and expansion of the industrial, mining, energy and logistics sectors, while the amount disbursed by the Fund during this year reached 10 billion riyals, and the Fund financed 4 new quality industrial projects.
He stated that the Export Development Authority recorded during the first half of this year the highest half-value of non-oil exports in its history, achieving 125.3 billion riyals. or advanced, while the number of exported products reached 436 new products.
He pointed out that the Export-Import Bank approved credit facilities estimated at 1.2 billion riyals for Saudi exporters and importers of Saudi goods and products, and contributed to enabling Saudi products to reach more than 50 countries, including China, India, Indonesia, Germany, America, and others, in addition to building relations Credit with international banks to enhance trade lines in Iraq, Jordan and Ukraine, stressing that 51% of the total financing generated by the Export-Import Bank targeted small and medium-sized companies.
With regard to the industrial infrastructure in the Kingdom; He explained that the Royal Commission for Jubail and Yanbu and the Saudi Authority for Industrial Cities and Technology Zones “Modon” are working to complete the development of about 160 million square meters of industrial land, with a value of up to 4 billion riyals, stressing that local content tools are among the most important main enablers of the industry, pointing to the adoption of The Local Content Authority for 5 mandatory lists of national products, the expected spending on the national industry as a result of these lists will be 7 billion riyals.
He concluded by talking about the mining sector, which he considered one of the promising sectors with the entry into force of the new mining investment system, and the issuance of 506 new licenses, including 133 exploration licenses for minerals. to 27% over the previous year.
