Saudi Arabia clears 725 industrial projects worth $265bn in 9 months to build domestic capacity 

Riyadh: Saudi Arabia has issued permits for 725 industrial projects worth an accumulated SR1.37 trillion ($265 billion) in the first nine months of 2022, according to data from the Ministry of Industry and Mineral Resources.  

This comes as the Kingdom is pushing to develop domestic industrial and manufacturing sectors as part of its strategy to diversify away from the oil-based economy.  

In September alone, the ministry issued permits for 79 industrial projects estimated to be SR3.1 billion with up to 1,882 licensed workers, the data revealed.