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Saudi Arabia issues 115 permits for new industrial units with $1bn investments

Scion Industrial Engineering

Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed.

The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022.

In August 2021, the number of industrial facilities across Saudi Arabia was 10,159.

According to the data, 68 factories became operational in August 2022, with an investment volume of SR2.3 billion.

Forty-one licenses were issued to industrial units in the Riyadh region followed by 26 in the Eastern Province and 22 in the Makkah region.

In the Madinah region, eight new factory licenses were issued in August, and it was followed by the Qassim region with seven, four in Asir, three each in Tabuk and Hail regions and one license for a factory in the Jazan region.

SOurce:https://www.arabnews.com/node/2169806/business-economy

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Saudi Arabian economy ‘to return to growth’ in 2018

The kingdom’s real GDP growth dropped 1 percent in the first half of 2017

The Saudi Arabian economy will remain contracted in 2017 before returning to “modest” growth of 1.3 percent in 2018, a report has claimed.

Oil production cuts as part of the OPEC agreement will see oil sector growth remain in negative territory in the second half of this year, while the private non-oil sector continues to face headwinds, amid government spending cuts to a number of infrastructure projects, according to an analysis from BMI Research.

Real GDP growth in the kingdom stood at -1 percent year on year in the first half of 2017, after having alreadty contracted by 0.5 percent in the first quarter of the year.

This contraction was largely driven by the oil sector, which accounts for over 40 percent of GDP and contracted by 2 percent in the first six months of 2017, BMI said.

Meanwhile, the non-oil sector has also struggled to regain traction, expanding by a sluggish 0.6 percent year-on-year over the same period – up from 0.2 percent throughout 2016.

Based on conservative expectations for growth, BMI said it predicts the economy to recede by 0.5 percent in 2017 before picking up to 1.3 percent in 2018.

Source:http://www.arabianbusiness.com/politics-economics/380392-saudi-arabian-economy-to-return-to-growth-in-2018