SAUDI ARABIA'S NATIONAL STRATEGY FOR INDUSTRY: EVOLVING ECOSYSTEM & FUTURE OPPORTUNITIES
In October 2022, Saudi Arabia launched its new National Strategy for Industry. This is part of efforts to create an industrial economy that supports Vision 2030's goals for economic diversification, investor attraction, and growth of the Kingdom's non-oil exports.
As part of the new National Strategy for Industry, the government is preparing to expand 12 key industrial sub-sectors that have been recognized as having growth potential and increasing regional and international competitiveness.
The industrial sector has long been a priority for the Kingdom, as seen by the establishment of the Saudi Industrial Development Fund and the National Industrial Development Logistics Program, both of which were designed to provide the industrial sector with multifaceted support.
Saudi Arabia's industrialization was traditionally driven by oil, basic manufacturing, and petrochemicals. Looking ahead, the National Strategy for Industry seeks to write a new chapter of sustainable growth and development for the sector in Saudi Arabia, which is also geared towards a future high-tech value-added manufacturing phase, putting the Kingdom and its industries on the global map.
This report provides an overview of the new National Strategy for Industry, its main objectives, those involved in the ecosystem and industrial strategies across the GCC. It also highlights what the industrial sector means for Saudi Arabia, especially in terms of GDP contribution and export diversification and growth, as well as the enablers that exist in the Kingdom today that can drive expansion in the sector.
The report concludes with a forward-looking view of the trends that could transform the future of the Saudi industrial sector, including those that create opportunities, but also those that will pose challenges to overcome. The report also provides Strategic Gears’ experts’ recommendations on considerations in turning challenges into opportunities for stakeholders to benefit from maximum value/impact.