Minister of Energy: We aim for more investment opportunities ‎in the sector amounting to SR2.8 trln

Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, revealed that the Kingdom seeks to increase an additional 40% to 50% of ethylene for the Saudi petrochemical industry, noting that the Kingdom produces 38 million tons of petrochemicals, but only benefits from 6 million tons in Manufacturing industries, pointing out that the national strategy for industry will change this reality, and will contribute to the localization of the energy sector, in which we aim to find investment opportunities worth 2.8 trillion riyals.

This came during a dialogue session held by the Ministry of Industry and Mineral Resources, in which four ministers participated, to talk about the national strategy for industry launched by Prince Muhammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister, on Tuesday, and aims to reach an industrial economy that attracts investment that contributes to achieving diversification, economic development, and the development of domestic product and non-oil exports, in line with the objectives of the Saudi Vision 2030.

The panel discussion was attended by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Sawaha.

The Minister of Energy explained that the Kingdom is a former and future industrial country, and the ambitions are great to transform into a country that manufactures, and that the national strategy for industry is a joint collective action stripped of ego.

On the importance of the strategy, the Minister of Energy said: “We wasted 40 years. Today, we could be in the ranks of industrialized countries such as China, India and others, and I am very proud that we are working together in ministries, agencies and the private sector to launch the national strategy for industry, even if this strategy existed in the past. The situation is no different today.”

He added, “What we will produce from consumer products after implementing the national strategy for industry, we will be proud of all of them, and the energy sector will provide great investment opportunities that will enhance the establishment of factories that serve localization,” noting that there are programs to ensure the sustainability of oil demand, indicating that the process of Balance in gas prices is required to attract investors.

For his part, Minister of Industry and Mineral Resources Bandar Al-Khorayef affirmed that the Kingdom possesses multiple industries, and its industrial capacity has been proven by the Corona pandemic, as it was one of the least influential countries, and the ambitions are greater, and the Kingdom has the capabilities for that.

He indicated that the new strategy includes traditional industries and is working to develop them, and that one of its most important objectives is to attract investment, through more than 800 quality opportunities estimated at one trillion riyals, noting that the Kingdom is a stimulating market to attract local manufacturing and quality investments.

The Minister of Investment, Eng. Khaled Al-Falih, spoke about the industry sector; as the auxiliary sector for all vital sectors, he said: “We celebrate the launch of the national strategy for industry. Industry is our first priority in the investment sector, and empowering the industry is the first goal for all of us.”

Al-Falih explained that the industrial strategy includes the pharmaceutical industry, noting that the Corona pandemic revealed the weakness of many countries in the face of the pandemic, and this sector is important to us, and the Kingdom faced the pandemic strongly, and that the strategy linked a long chain of industry, cadres and support as well, the state has a role Head in drawing up supply chains, and the strategy included following up on the manufacture of products in all its stages until selling them and then recycling them after the sale.

In turn, His Excellency the Minister of Communications and Information Technology, Eng. Abdullah Al-Sawaha said: “The dream has become a reality under the leadership of His Highness the Crown Prince, and we will become an industrialized country. In 2026, we aim for the Kingdom to manufacture and export more than 150,000 electric cars.”