Saudi Arabia Ministry of Industry and Mineral Resources Releases March 2023 Monthly Bulletin to Provide Insights into The Kingdom’s Industrial and Mining Sectors

Riyadh, Saudi Arabia – The Ministry of Industry and Mineral Resources of Saudi Arabia has launched its newest March 2023 Monthly Bulletin of Industry and Mining, aimed toward offering key insights into the Kingdom’s industrial and mining sectors. The bulletin is printed month-to-month and covers the newest developments, developments, and investments in these sectors, proving an important device for traders.

The bulletin issued by National Industrial and Mining Information Center indicated that throughout the interval from January to March 2023, 332 new industrial licenses had been issued with investments amounting to 8.2 billion riyals, whereas 300 factories began manufacturing with investments exceeding 7.9 billion riyals, enabling the sector to create 28,332 job alternatives, 54% being for Saudis.

In addition, the overall quantity of factories within the Kingdom on the finish of final March reached 10,825, with investments amounting to 1.4 trillion riyals.

As for the mining sector, the bulletin indicated that the overall quantity of mining licenses in pressure within the sector till the top of March 2023 amounted to 2,314 licenses, together with 1,451 constructing supplies quarry licenses, 609 exploration licenses, 180 mining and small mine exploitation licenses, 42 reconnaissance licenses, and 32 surplus mineral ores licenses.

The Monthly Bulletin of Industry and Mining is an element of Saudi Arabia’s broader business and mineral assets technique. The Kingdom has been actively diversifying its financial system and decreasing its dependence on oil for income. The growth of the commercial and mining sectors is a key element of this technique, and the Ministry of Industry and Mineral Resources has been main the efforts to obtain this purpose.

The Saudi Arabian authorities has been encouraging funding within the industrial and mining sectors by providing numerous incentives, together with tax exemptions, land grants, and streamlined licensing processes. The information offered within the bulletin highlights the success of these efforts, and the expansion of Saudi Arabia’s industrial and mining sectors is predicted to profit the nation’s general financial system.

The Monthly Bulletin of Industry and Mining is printed by the Ministry of Industry and Mineral Resources and is out there on the ministry’s web site: