Latest news with #IndustryMinistry
Zawya
3 days ago
- Business
- Zawya
Saudi awards 92 industrial permits in April
Saudi Arabia issued permits for 92 industrial units in April while 80 new factories started operations during the same month, according to official data. The new licensed factories involve investment of around 3 billion Saudi riyals ($800 million) and provide over 1,400 jobs, the Industry and Mineral Resources Ministry said. It said in a report that investments in the factories that were commissioned in April exceeded SAR900 million ($240 million). The new licenses in April boosted the total number of factories in the world's dominant oil exporter to nearly 11,400, the report showed. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
21-05-2025
- Automotive
- Zawya
Alkhorayef: Saudi Arabia rapidly localising auto industry, becoming re-export hub
DOHA— Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia's swift progress in localizing the automotive industry during his participation in a dialogue session at the Qatar Economic Forum in Doha on Wednesday. He emphasized that Saudi Arabia would become a re-export hub with its rapid transformation taking place in the automobile industry. The minister highlighted the Kingdom's emergence as a key player in car re-exports, driven by advancements in infrastructure and logistics services. He also discussed the Kingdom's focus on the future of the electric vehicle industry to achieve the goals of transitioning to clean energy, as per the goals of Vision 2030. Alkhorayef noted that industrial transformation, the adoption of advanced manufacturing technologies, and the deployment of applications from the Fourth Industrial Revolution, including AI and robotics, requires a robust digital infrastructure. He pointed out that the Kingdom has made substantial progress in this area through targeted investments in digital infrastructure and the implementation of regulations and laws to ensure privacy and cybersecurity. He stated that 2024 saw a significant leap in the performance of non-oil exports, with their contribution to GDP rising from 16 percent to 25 percent. This achievement stems from effective government policies, a favorable investment environment, and active engagement from the private sector. Speaking at a dialogue session during the Qatar Economic Forum, Minister of Economy and Planning Faisal Alibrahim underscored the continued efforts to implement reforms aimed at improving the business environment and enhancing investment opportunities in the Kingdom, in line with the objectives of Vision 2030. Alibrahim explained how the Kingdom is restructuring its economy for the long term, transitioning from a consumption-based model to a more complex and productive one, while continuing to attract global capital and talent. The minister emphasized that Vision 2030 is not merely a plan but a transformative journey, underpinned by institutional efficiency and effective decision-making. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
20-05-2025
- Automotive
- Argaam
Saudi Arabia leads car exports without local manufacturing: Alkhorayef
Minister of Industry and Mineral Resources, Bandar Alkhorayef said Saudi Arabia is the world's top exporter of cars without local production, but it's now betting on electric vehicles, signaling a future-oriented strategy. At the Qatar Economic Forum, Alkhorayef said Vision 2030 was a key enabler in attracting the automotive sector to the Kingdom. He noted that the industrial localization strategy aims not only at national security and economic resilience, but also at generating new value. He said industrial scale is becoming less important due to new technologies. Sectors like mining and manufacturing in Saudi Arabia are being built using advanced tech, with a focus on regional and global markets, not just domestic demand. Alkhorayef pointed to significant opportunities in mining and industry to support Saudi Arabia's economic diversification under Vision 2030. He said results are now visible on the ground, thanks to well-coordinated planning and execution. He emphasized that planning alone isn't enough. Private sector involvement is vital, with investors needed who are ready to commit capital to the sector. In mining, regulatory reform has been the key. Alkhorayef said Saudi Arabia now has one of the world's strongest investment frameworks for mining. The time to obtain a license has dropped to under six months, down from the global average of three to five years.
Arab News
03-05-2025
- Business
- Arab News
Saudi-Turkish ministers discuss enhancing cooperation in mining sector, joint investment
ISTANBUL: Saudi Deputy Minister for Industry and Mineral Resources Khalid Al-Mudaifer met Alparslan Bayraktar, Turkiye's minister of energy and natural resources, and Mehmet Yilmaz, president of the Turkish Miners' Association, in Istanbul. During the meeting, the two sides discussed ways to enhance cooperation in the mining sector as well as joint investment opportunities in the field of minerals, the Saudi Industry Ministry wrote in a post on X. The meeting was held at the Istanbul Natural Resources Summit, which brought together experts, leaders and policymakers to explore 'evolving global and regional dynamics in energy and resource security.'
LBCI
30-04-2025
- Business
- LBCI
South Korea officials heading to Washington for talks over US tariffs
South Korean Industry Ministry officials will travel to Washington on Wednesday for "technical discussions" with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul's ministry said. The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement. The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause. Reuters
