Saudi Arabia to embrace global industries, export products, says Minister

Saudi Arabia will embrace a number of international industries, while capitalizing on its geographical location to export a number of products, stated Minister of Industry and Mineral Resources, Bandar Alkhorayef, during the state budget 2021 forum.

The new mining law will be enacted by early 2021, Alkhorayef stated, adding that industrial sector can provide several job opportunities in other sectors too.

“We are mapping out a clear plan to Saudize a number of products on a mere commercial basis,” the minister said, indicating that Saudi Arabia seeks to boost the added value of some industries, such as petrochemicals, through integrating their products in related ventures, or introducing new business projects.

The minister also pointed out that the new mining law will attract investments to this underpenetrated promising sector.

The Kingdom launched a massive regional geological survey program at more than SAR 1 billion, he noted.