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Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, has revealed the Kingdom’s ambition to create a comprehensive hub for electric vehicle (EV) production. Speaking at the World Economic Forum in Davos, the minister highlighted recent strides in the automotive industry as proof of Saudi dedication to future technologies. AlKhorayef emphasized Saudi Arabia’s pivotal role in strengthening global supply chains, citing its strategic location, abundant natural resources, and commitment to infrastructure development under “Vision 2030.”

Factory investments in Saudi Arabia touched 1.433 trillion riyals ($382.1 billion) during the first quarter of 2023, an increase of 6.5 percent compared to the same period last year. According to the statistical bulletin of industrial licenses issued by the Saudi Ministry of Industry and Mineral Resources, on Wednesday, the total number of industrial facilities hit 10,819 by the end of March — up from 10,518 factories at the end of 2022 — with the estimated capital of these factories amounting to over SAR 1.43 trillion ($381 billion).

Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry and mining sector is working with relevant authorities to attract 50 investment opportunities worth more than SR96 billion in the machinery and equipment sector.

Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities