Saudi Arabia Ministry of Industry and Mineral Resources Releases March 2023 Monthly Bulletin to Provide Insights into The Kingdom’s Industrial and Mining Sectors
Riyadh, Saudi Arabia – The Ministry of Industry and Mineral Resources of Saudi Arabia has released its latest March 2023 Monthly Bulletin of Industry and Mining, aimed at providing key insights into the Kingdom’s industrial and mining sectors. The bulletin is published monthly and covers the latest developments, trends, and investments in these sectors, proving a vital tool for investors.
The bulletin issued by National Industrial and Mining Information Center indicated that during the period from January to March 2023, 332 new industrial licenses were issued with investments amounting to 8.2 billion riyals, while 300 factories started production with investments exceeding 7.9 billion riyals, enabling the sector to create 28,332 job opportunities, 54% being for Saudis.
In addition, the total number of factories in the Kingdom at the end of last March reached 10,825, with investments amounting to 1.4 trillion riyals.
As for the mining sector, the bulletin indicated that the total number of mining licenses in force in the sector until the end of March 2023 amounted to 2,314 licenses, including 1,451 building materials quarry licenses, 609 exploration licenses, 180 mining and small mine exploitation licenses, 42 reconnaissance licenses, and 32 surplus mineral ores licenses.
The Monthly Bulletin of Industry and Mining is part of Saudi Arabia’s broader industry and mineral resources strategy. The Kingdom has been actively diversifying its economy and reducing its dependence on oil for revenue. The development of the industrial and mining sectors is a key component of this strategy, and the Ministry of Industry and Mineral Resources has been leading the efforts to achieve this goal.
The Saudi Arabian government has been encouraging investment in the industrial and mining sectors by offering various incentives, including tax exemptions, land grants, and streamlined licensing processes. The data presented in the bulletin highlights the success of these efforts, and the growth of Saudi Arabia’s industrial and mining sectors is expected to benefit the country’s overall economy.
The Monthly Bulletin of Industry and Mining is published by the Ministry of Industry and Mineral Resources and is available on the ministry’s website: https://mim.gov.sa/newsletters