Made in Saudi Arabia

Abdullah Al Alami

January 31, 2021

On January 28, 2020, Saudi Crown Prince Mohammed bin Salman inaugurated the National Industrial Development and Logistics Program.

The program aims to promote the sustainability of the Saudi economy and transform the Kingdom into a leading industrial powerhouse. By 2030, the program aims to increase the contribution of its four sectors: industry, mining, logistics, and energy. We are talking about stimulating investments of more than 1.7 trillion riyals, raising the volume of non-oil exports to more than 1 trillion riyals, as well as developing the labor market by creating 1.6 million new jobs.

For the first time, in the kingdom's history, a multi-sector integration development program is designed to develop quality industries and promote non-oil exports. Other objectives include reducing imports, raising new contributions to the kingdom's GDP, and attracting foreign investments.

Saudi Arabia has realized that development begins with a solid structure on which new projects are based. In this sense, the state was keen to motivate the private sector to participate in development projects, signing 37 agreements and memorandums of understanding, and announcing 29 other agreements. It's not just plans, programs, slides, and colorful drawings, but rather making sure transforming the kingdom into a leading industrial powerhouse and a global logistics platform.

In 2020, the Ministry of Commerce issued more than 20 regulations to improve the business environment and facilitate the start and business practices, in accordance with a legal framework that improves the Kingdome's competitiveness. In addition, Saudi Arabia has announced an extension of the initiative to abolish fines for taxpayers for an additional six months as an initiative to mitigate the economic impact on the private sector as a result of the spread of the CORONA virus.

The number of Saudis in the private sector increased by 49,000 in 2020 despite the corona pandemic, which has affected employment around the world. "Made in Saudi Arabia" is not only the responsibility of the state but also the credibility and reliability of businessmen.

The National Industry Development Program did not come out of nowhere, but rather one of the 13 most important and largest programs in The Kingdom Vision 2030 Program in its expected impact on the Saudi economy. The state is keen to encourage all sectors to participate in the country’s development projects.

I hope that businessmen will move out of their seats, as the state has increased the efficiency of public spending and offered 65 investment opportunities with lucrative returns of nearly 80 billion riyals. It has also increased the efficiency of the use of resources and has organized meetings between those involved in investment opportunities and private sector institutions who wish to invest.

This is Saudi Arabia, developing plans, preparing initiatives, and translating them into development projects in accordance with the best international standards and practices.

 

*Saudi writer