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Saudi Arabia’s efforts contribute to an 84% increase in industrial licenses granted.

In the third quarter, Saudi Arabia saw a significant surge of 83.9 percent in the issuance of 412 new industrial licenses compared to the same period in the previous year, as revealed by the latest data from the Ministry of Investment.

This increase, coupled with a 1.5 percent rise in capital for newly licensed factories, is credited to the Kingdom’s endeavors to enhance the competitiveness of its industrial landscape, elevate the value of local content, and support domestically manufactured goods.

These efforts are part of the National Industrial Development and Logistics Program and the Saudi Export Development Authority, which introduced the “Made in Saudi” program in 2021 to foster local talent and innovation.

Through this program, the aim is to bolster the economy, promote Saudi products globally, and attract investments by empowering businesses both locally and internationally. Businesses participating in this initiative can utilize the “Saudi Made” logo to bolster the country’s global reputation.

Aligned with Vision 2030, the initiative is geared towards building a diversified and sustainable Saudi economy, with the goal of increasing non-oil exports to 50 percent of non-oil GDP by 2030.

In the third quarter, a total of 2,202 licenses were issued, including those granted as part of anti-concealment law enforcement, marking an 89 percent surge compared to the same period last year.

The construction sector took the lead in investment licenses with 654 licenses, marking a remarkable increase of 170 percent over the third quarter of the previous year.

Similarly, the manufacturing sector secured 360 licenses, reflecting a noteworthy increase of 94 percent. Professional, scientific, and technical activities also experienced a boost with 216 new licenses, up by 93 percent, while the information and communication sector obtained 204 licenses, indicating a surge of 115 percent.

Of particular note, public administration and support services saw the most substantial growth in investment licenses, witnessing a remarkable increase of 294.3 percent. Following closely, the electricity, gas, steam, and air conditioning sector observed a rise of 175 percent in granted licenses.

The third quarter also witnessed 19 deals, with the education & training and culture sectors attracting the highest investor interest, each securing four agreements.

China led in the origin of investments with five deals in the third quarter, followed by Japan with three in Saudi Arabia, while the remaining deals were distributed among 12 other countries.

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