Saudi Arabia offers 50 investment opportunities worth 96 billion Saudi riyals – Al-Nasr Newspaper
The Minister of Industry and Mineral Resources in the Kingdom of Saudi Arabia, Chairman of the Board of Directors of the National Center for Industrial Development, Bandar bin Ibrahim Al-Khorayef, announced the efforts of the industrial and mining system to attract investments worth more than 96 billion riyals in the machinery and equipment sector, through 50 investment opportunities that have been developed and submitted to Invest in Saudi Arabia platform, in implementation of the national strategy for industry, which aims to expand the industrial base in the Kingdom, reduce imports by up to 50%, and work to export products to regional and global markets.
Al-Khorayef explained that among the largest projects that were completed earlier during the years 2021 and 2022 AD, are three casting and road projects, which are among the inputs of the machinery and equipment sector, and one of the basics of the national strategy for the pharmaceutical industries, with investments exceeding one billion dollars. He pointed out that casting and road projects will contribute to the establishment of complete value chains, and will contribute to the replacement of imports of cast and forged products, as well as projects to manufacture valves and pumps with investments amounting to $119 million.
Al-Khorayef added that the National Center for Industrial Development had worked during the past two years with investors in the Saudi Schneider Electric project for the production line of Altivar Modular engines, and the total value of the project at its inauguration was estimated at $ 2.6 million, and the product production line was launched at the end of 2022.
Al-Khorayef indicated that the factories of the future, as an initiative adopted by the ministry, aim to automate factory operations, and that the machinery and equipment sector contributes to supporting all industries in the Kingdom, and its imports in 2019 are estimated at about $32 billion. He also indicated that the national strategy for industry focuses on preserving existing factories and enabling them through policies and legislation developed by the machinery and equipment sector in the industrial center in cooperation with the Local Content and Government Procurement Authority.
Al-Khorayef explained that the National Center for Industrial Development is working with the Public Investment Fund to build a business model to take advantage of the investment opportunities that the sector is developing. Eight opportunities were selected for initial evaluation, and two opportunities were selected for final evaluation. Workshops and bilateral meetings were held with investment companies and linked to them by global investment factories. Industrial and technology transfer to the Kingdom.
The machinery and equipment sector is considered one of the vital sectors in the Kingdom of Saudi Arabia, as it contributes to supporting basic industries and major investments, and has great manufacturing capabilities and advanced technologies. This sector can help support the national economy by promoting exports, increasing the added value of local products, improving productivity and providing job opportunities.
The Saudi government is investing heavily in developing the machinery and equipment sector, and aims to make the Kingdom a manufacturing and exporting center in this sector. The government encourages investment in this sector by providing the necessary infrastructure, financial and tax facilities, and providing industrial lands.
Saudi companies in the machinery and equipment sector are working on developing new products and solutions that meet the needs of the local and global market, and are characterized by quality, efficiency and advanced technology. Some of the Saudi companies in this sector are among the world leaders, such as “SABIC”, “Aramco” and “Safco”.
The products of the machinery and equipment sector in the Kingdom of Saudi Arabia include a wide range of products, such as agricultural machinery, heavy machinery, industrial equipment, medical equipment, electrical, electronic and computer equipment, marine, aeronautical and defense equipment, and others.
In addition, Saudi companies in the machinery and equipment sector seek to provide integrated services that include design, development, manufacturing, installation, maintenance and technical support, in order to meet customer needs and improve their experience with products.