Saudi industry to double contribution to GDP

Published June 10th, 2001 - 02:00 GMT

Market specialists have asserted that the Saudi industrial sector will need 600 billion Saudi riyals ($160 billion) worth of investments over the next 20 years in order to reach various strategic goals.  

 

Along with other long-term financial programs, Saudi Arabian government plans to transform itself into a modern, semi-industrialized state. The core strategic goal of the Saudi industrial sector remains raising its share of the Kingdom’s GDP from the present ten percent, to 20 percent by the year 2020, reported Al-Hayat

 

According to official statistics, 899 factories are presently operating in the holy city of Mecca. This is equivalent to 27 percent of the total number of factories operating in Saudi Arabia on the whole.  

 

Investment Mecca’s operating factories amounts to SR 39,365 million ― 17 percent of total industrial investment in the kingdom. — (MENA Report)  

© 2001 Mena Report (www.menareport.com)


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