Saudi Arabia will offer 50 investment opportunities worth over $25 billion in the machinery and equipment sector as part of its strategy to promote private participation in the Kingdom’s economic diversification plan, a top minister has revealed.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said these investment opportunities are being developed and raised on the Invest Saudi platform to activate the National Industry Strategy.
This plan seeks to expand the industrial base in the Kingdom, reduce imports by up to 50 percent, and work toward exporting products to regional and global markets — all key parts of the Vision 2030 strategy.
In 2019, the machinery and equipment sector in Saudi Arabia garnered an estimated revenue of $32 billion, and it plays a crucial role in a range of industries, including oil and gas, petrochemicals, mining, food, and construction.
In a statement released by the Ministry of Industry and Mineral Resources, Alkhorayef pointed out that three projects for casting and forging alone attracted more than $1 billion in investment over the last two years.
The minister added that these projects will contribute to establishing complete value chains — from raw materials to finished products. This will help in replacing the imports of casted and forged products, as well as manufacturing valves and pumps with an investment amounting to $119 million.
Alkhorayef, who is also the chairman of the National Industrial Development Center, used the statement to talk about technology being used to build future factories, with the ministry aiming to automate factory operations in the Kingdom.—AN
