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Saudi crown prince launches National Industrial Strategy

Saudi Crown Prince Mohammed bin Salman has pushed to diversify from oil. Source: National

RIYADH: Saudi Crown Prince Mohammed bin Salman has launched the National Industrial Strategy, which aims to increase the industrial exports value to 557 billion riyals by 2030 ($148.34 billion), the country’s state news agency, SPA, reported.

The strategy is a plan to promote industry and attract investment in the kingdom’s economy, leading to economic diversification and growth of non-oil exports and GDP.

The strategy will also increase the total additional investments in the sector to 1.3 trillion riyals ($346.21 billion), the agency added.

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“Through the National Industrial strategy and in partnership with the private sector, the kingdom will become a leading industrial powerhouse that contributes to securing global supply chains and exports high tech products to the world,” the agency quoted Prince Mohammed as saying.

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The strategy also aims to increase factories in the kingdom from 10,640 at present to 36,000 by 2035, SPA said.

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