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Investments in the Saudi industrial sector jumped 54 per cent, hitting SR1.5tn ($400bn) this year from SR992bn ($264bn) in 2019, according to a report released by the Federation of Saudi Cambers’ economic-affairs department. The analytical report addresses the impact of the state’s waiver on fees for expatriate workers in the industrial sector, an initiative introduced in 2019 and running until the end of 2025, under a recent extension decision. The report showcases the achievements of the industrial sector from 2019 to 2024 based on seven key indicators, including gross domestic product (GDP) contribution, the number of industrial establishments, investment volume, employment, non-oil exports, product quality, and foreign investment in industry. Investments in Saudi Arabia Key findings from the report indicate that the decision to waive expat fees had a positive impact on the industrial sector and national economy. According to the report, the industrial sector’s GDP contribution stood at 14.7 per cent in 2023, rising to SR592bn ($158bn) from SR392bn ($104bn) in 2019. Additionally, the number of industrial establishments increased by 55.6 per cent from 7,625 in 2019 to 11,868 establishments in 2024. The report also indicated growth of foreign investments in the industrial sector thanks to the government support, including the fee […]
