Saudi crown prince MBS launches National Industrial Strategy

Saudi Crown Prince Mohammed bin Salman on Tuesday launched the National Industrial Strategy, which aims to increase the industrial exports value to 557 billion riyals by 2030 ($148.34 billion), the country's state news agency, SPA, reported.

The strategy is a plan to promote industry and attract investment in the kingdom's economy, leading to economic diversification and growth of non-oil exports and GDP.

The strategy will also increase the total additional investments in the sector to 1.3 trillion riyals ($346.21 billion), the agency added.

"Through the National Industrial strategy and in partnership with the private sector, the kingdom will become a leading industrial powerhouse that contributes to securing global supply chains and exports high tech products to the world," the agency quoted Prince Mohammed as saying.

The strategy also aims to increase factories in the kingdom from 10,640 at present to 36,000 by 2035, SPA said. ($1 = 3.7550 riyals) 

(Reuters)