
Saudi Arabia Industrial Jobs: Saudi Arabia creates 4,700 jobs through industrial expansion, ETHRWorldEMEA
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Saudi Arabia's industrial sector continues to gain momentum, with more than 4,700 jobs created in May 2025 alone, driven by the issuance of 155 new industrial licenses and the launch of operations at 122 factories. According to the Ministry of Industry and Mineral Resources , the newly licensed projects are expected to create 2,450 job opportunities, while factories that began production last month generated 2,329 jobs.The combined investments tied to these developments exceeded SR4.18 billion—SR3.25 billion for new licenses and SR930 million for operational factories, marking a strong month for industrial job generation and capital inflows.These figures reflect the impact of Saudi Arabia's broader push to expand its industrial base under the National Industrial Development and Logistics Program (NIDLP). The initiative targets growth in four strategic sectors—industry, mining, energy, and logistics, to position the Kingdom as a global industrial and logistics hub.Efforts such as the 'Made in Saudi' campaign and a suite of government-backed incentives continue to attract both local and foreign industrial investments , reinforcing economic diversification and job creation goals under Vision 2030. As more factories transition from licensing to production phases, the Kingdom's workforce stands to benefit from a steady pipeline of employment opportunities across regions.
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Time of India
6 days ago
- Time of India
GCC GDP 2024: Real and nominal figures differ, but both show non-oil sectors make up over 70%
In 2024, non-oil sectors made up 77.9% of nominal GDP and 70.6% of real GDP across the GCC/ Image: FIle The Gulf Cooperation Council (GCC) economies showed steady growth in 2024, with rising contributions from non-oil sectors offsetting a decline in oil output. Real GDP rose 3.3% in the fourth quarter, backed by strong performance in manufacturing, trade, and construction. This marks a continuing shift away from oil dependence, reinforced by national reform programs and increased investment in non-hydrocarbon industries. Real GDP – Growth despite oil sector contraction In constant price terms, or real GDP, the total output of the six GCC countries rose by 3.3% in Q4 2024, reaching USD 456.3 billion, compared to USD 442.3 billion in Q4 2023. Quarter-on-quarter, the region's economy expanded by 1%, rising from USD 452.2 billion in Q3 2024. The bulk of this real GDP came from non-oil sectors, which made up 70.6% of total real GDP in Q4. In contrast, oil-related activities contributed the remaining 29.4%. Looking at the year as a whole, the overall real GDP across the GCC rose by 2.4%. However, this masks a notable divergence between sectors: Non-oil GDP increased by 3.7%, driven by robust growth in industry and services. Oil GDP declined by 0.9%, primarily due to voluntary production cuts under the OPEC+ framework. Country-wise, Qatar recorded the highest annual increase in real GDP at 4.5%, followed by the UAE at 3.6%, and Saudi Arabia at 2.8%. In Saudi Arabia, non-oil activities grew by 4.6%, while oil activities contracted by 4.5%, indicating a substantial shift in the country's economic composition. Nominal GDP – Growth tempered by market prices In nominal terms (i.e., unadjusted for inflation), the GCC's GDP rose by 1.5% year-on-year, reaching USD 587.8 billion by the end of Q4 2024, up from USD 579 billion in Q4 2023. Unlike real GDP, nominal GDP reflects current market prices, and can be influenced by inflation or deflation. While the overall increase was modest, the non-oil sector's contribution to nominal GDP was higher at 77.9%, showing a broader diversification trend in monetary terms. The remaining 22.1% came from oil activities, a significantly lower share compared to their contribution in real terms. This disparity suggests that while oil remains a large physical output driver, price pressures and production curbs have diminished its monetary weight in the economy. Sector contributions – Manufacturing and trade lead A closer breakdown of nominal GDP reveals the growing role of diverse non-oil industries: Manufacturing: 12.5% Wholesale and Retail Trade: 9.9% Construction: 8.3% Public Administration and Defence: 7.5% Finance and Insurance: 7% Real Estate Activities: 5.7% Other Non-Oil Activities: 27% These sectors have underpinned the GCC's non-oil expansion, with each contributing steadily to national and regional outputs. In Saudi Arabia specifically, the National Industrial Development and Logistics Program (NIDLP) contributed SAR 986 billion (USD 262.8 billion) to non-oil GDP, accounting for 39% of Saudi Arabia's non-oil economic output. Non-oil activities now represent 55% of Saudi Arabia's total GDP. This growth has been supported by government spending, which increased by 2.6% in Saudi Arabia during 2024, enabling momentum in infrastructure, services, and industry. Reform agendas and future outlook The GCC's shift from oil-dependency to broader economic resilience is no longer just policy ambition — it is increasingly reflected in macroeconomic data. Growth in 2024 was driven by sectors aligned with national strategic reforms: Saudi Vision 2030 UAE Economic Vision Qatar National Vision 2030 Oman Vision 2040 These plans emphasize tourism, logistics, manufacturing, finance, and digital infrastructure, backed by regulatory changes and significant public-private investment. The year's data confirms that these structural transformations are not only underway but are starting to deliver tangible economic diversification. Despite setbacks from oil market volatility, the region is expanding in real output, broadening its industrial base, and recalibrating its sources of long-term growth. Real vs. nominal GDP – Simplified To help readers understand the two metrics used: Real GDP adjusts for inflation, showing actual physical output growth or contraction. It's more useful for comparing economic performance over time. Nominal GDP is the economy's total value of goods and services using current prices, reflecting the monetary size of the economy but can be skewed by price changes. In the GCC's case, real GDP growth (3.3%) outpaced nominal GDP growth (1.5%), which suggests that while the region is producing more goods and services, price effects (like lower oil prices) dampened the apparent value increase.


Time of India
28-07-2025
- Time of India
Saudi Arabia in June issues 83 new industrial licenses and opens 58 factories worth SR2.85 bn
June saw Saudi Arabia add more than 3,000 new industrial jobs through factory openings and newly issued licenses/ Representative Image In a robust signal of Saudi Arabia's accelerating industrial transformation, the Ministry of Industry and Mineral Resources announced the issuance of 83 new industrial licenses in June, amounting to over SR950 million ($253.3 million) in investments. This marks another stride in the Kingdom's broader push to diversify its economy beyond oil under the Vision 2030 initiative. With new job creation, increased factory operations, and a strong investment pipeline, the data reflects the deepening roots of a thriving manufacturing ecosystem designed to future-proof the country's economic foundations. A Growing Industrial Landscape: New Licenses and Job Creation In June 2025 alone, 83 new industrial licenses were issued, collectively representing more than SR950 million ($253.3 million) in expected capital investment. According to the monthly bulletin from the National Center for Industrial and Mining Information, these licenses are projected to generate 1,188 new jobs across various regions of the Kingdom. These numbers are not just indicators of bureaucratic activity, they signal tangible progress in building out the non-oil economy. The issuance of licenses is a key metric tracked by the Ministry of Industry and Mineral Resources to assess the health and momentum of Saudi Arabia's manufacturing sector. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Donating Sperm May Support Your Income SpellRock Undo From Paper to Production: Factories Begin Operations Even more notable than the licenses themselves is the pipeline of new facilities moving from the planning phase into operation. In June, 58 newly licensed factories officially commenced production. These factories represent a combined investment of SR1.9 billion ($506.6 million) and are forecast to generate 2,007 jobs. This transition from licensing to activation is crucial. It demonstrates that industrial permits are not merely symbolic, but are translating into operational plants, employment, and capital deployment — reinforcing the implementation power of Saudi Arabia's industrial policy. The ministry's strategy includes regular publication of industrial performance indicators, encompassing: Number of new licenses Factories entering operation Investment volumes This practice is aimed at ensuring transparency and providing both domestic and international stakeholders with a reliable window into the Kingdom's industrial evolution. Anchored in Vision 2030: Long-Term Strategy in Action Saudi Arabia's industrial push cannot be separated from the broader Vision 2030 transformation strategy launched in 2016 by Crown Prince Mohammed bin Salman. As the nation reaches the halfway point of this sweeping initiative in 2025, the data from June illustrates clear alignment with the program's long-term economic objectives. Vision 2030 is grounded in three foundational pillars: 1. A Vibrant Society – Enhancing quality of life through cultural revitalization, religious tourism, and public health. Targets include expanding Umrah pilgrimages and increasing national life expectancy. 2. A Thriving Economy – This pillar is central to the industrial report. It focuses on: Reducing reliance on oil (which currently makes up around 75% of government income) Attracting foreign direct investment Supporting SMEs Launching megaprojects like NEOM Increasing female workforce participation and privatization 3. An Ambitious Nation – Driving reforms in governance, transparency, and public engagement. This includes anti-corruption efforts and strengthening the nonprofit and volunteer sectors. With global oil demand expected to peak by 2030, the urgency behind these efforts is palpable. June's industrial indicators reflect steady progress toward creating a sustainable economic engine that can carry the Kingdom into a post-oil future.


Time of India
15-07-2025
- Time of India
Saudi Arabia Industrial Jobs: Saudi Arabia creates 4,700 jobs through industrial expansion, ETHRWorldEMEA
Advt By , Agencies Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. Saudi Arabia's industrial sector continues to gain momentum, with more than 4,700 jobs created in May 2025 alone, driven by the issuance of 155 new industrial licenses and the launch of operations at 122 factories. According to the Ministry of Industry and Mineral Resources , the newly licensed projects are expected to create 2,450 job opportunities, while factories that began production last month generated 2,329 combined investments tied to these developments exceeded SR4.18 billion—SR3.25 billion for new licenses and SR930 million for operational factories, marking a strong month for industrial job generation and capital figures reflect the impact of Saudi Arabia's broader push to expand its industrial base under the National Industrial Development and Logistics Program (NIDLP). The initiative targets growth in four strategic sectors—industry, mining, energy, and logistics, to position the Kingdom as a global industrial and logistics such as the 'Made in Saudi' campaign and a suite of government-backed incentives continue to attract both local and foreign industrial investments , reinforcing economic diversification and job creation goals under Vision 2030. As more factories transition from licensing to production phases, the Kingdom's workforce stands to benefit from a steady pipeline of employment opportunities across regions.