Saudi Arabia’s economic activity gained momentum with the Ministry of Industry and Mineral Resources issuing 136 industrial licenses in August compared to 102 in July.
According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21.
Moreover, the rubber and plastics industry obtained 15 permits, and 12 licenses were issued in the paper production sector.
The SPA report added that the ministry issued 795 industrial licenses between January and August. The number of factories during this period reached 11,110, taking the total investments made by these firms to SR1.489 trillion ($400 billion).
The SPA report further noted that investment volume in August for new licenses stood at SR1.6 billion.
Small enterprises accounted for 83.09 percent of the total licenses issued in August, followed by medium enterprises with 16.18 percent and micro-enterprises with 0.74 percent.
The report added that national factories held the most significant chunk of the total licenses at 76.47 percent, followed by foreign establishments and joint-investment firms with 16.18 percent and 7.35 percent, respectively.
On the other hand, 87 factories started production in August, with an investment of SR1.5 billion. Of these plants, 79.31 percent were national factories, 12.64 were foreign establishments and 8.64 percent were joint investment firms.
Meanwhile, the ministry issued 36,293 certificates of origin in August, up from 34,926 in July.
The initiative is seen as a part of the ministry’s efforts to boost exports across various sectors.
A certificate of origin is a pivotal document in international trade, validating that the exported goods are on a nationality basis.
Source:https://arab.news/27qzn