Saudi Arabia is one of the world’s fastest growing countries in the manufacturing sector, with 7.5% average growth every year.
Saudi Arabia is one of the world’s fastest growing countries in the manufacturing sector, with 7.5% average growth every year. Currently, the manufacturing sector contributes roughly 10% to the nation’s GDP. Key factors in the growth of the manufacturing industry are the developed R&D facilities, government support, modern infrastructure and business-friendly regulations.
The government of Saudi Arabia is providing huge financial and administrative backing to the manufacturing sector. These include implementation of the required infrastructure, construction of new industrial cities like Jubail and Yanbu, the establishment of SIDF (Saudi Industrial Development Fund) and other incentives which help industrialization.
The government is now planning to invest nearly USD 70 billion in building six new economic cities with business supportive regulations and modern infrastructure. Their stronghold on the plastics and chemicals market adds to the ease of implementation of their plan.
Source: Mordor Intelligence