The value of investments in the Saudi industrial sector amounted to 1.3 trillion riyals ($346.6 billion), with the imminent activation of the Kingdom’s National Strategy for Industry by the beginning of 2023.
Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI), pointed to the rapid and qualitative growth of military industries in the Kingdom.
Since the formation of the Authority, the total number of establishments reached 156, with an estimated investment volume of 40 billion riyals ($10.6 billion), Al-Ohali said on Monday.
The establishments employ 21,000 people, including Saudis who receive the best training opportunities to enhance knowledge and expertise in this vital sector, he told a panel discussion on the role of national industry in facing risks. The panel was part of the Budget 2023 Forum in Riyadh.
Organized by the Ministry of Finance, the forum concluded its two-day sessions on Monday at the King Abdullah Petroleum Studies and Research Center (KAPSARC), with the participation of senior officials from the public and private sectors.
Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil noted that the value of investments in the industrial sector amounted to 1.3 trillion riyals.
He revealed that the National Strategy would offer more than 800 investment opportunities worth one trillion riyals ($266 billion), in addition to increasing exports of advanced technical products by about six times and creating tens of thousands of jobs.
Al-Zamil added that the sector has succeeded in attracting investments worth more than 21.8 billion riyals, while the number of manpower has doubled to reach 47,125 workers, with a localization rate of more than 42%.
Another session, entitled “The Impact of the Budget on Empowering Women”, touched on the women’s empowerment initiative and the relevant reforms adopted by the government and the private sector to promote the role of women in the Kingdom.
In this context, Dr. Hala Al-Tuwaijri, head of the Saudi Human Rights Commission, stated that the Kingdom has taken a comprehensive reform approach to empower women and increase their participation in the labor market.
She emphasized Saudi Arabia’s commitment to international agreements, including the Convention on the Elimination of all Forms of Discrimination against Women, known as CEDAW.
