RIYADH: Since its inception in 2019, the Kingdom’s National Industrial Development and Logistics Program has invested around SR378 billion ($100 billion) until the end of 2021 in different sectors, according to its annual report.
The program aims to transform Saudi Arabia into a leading industrial power and a global logistics platform. It focuses on four main sectors: Industry, energy, mining and logistics.
In the energy sector, the total capacity of renewable energy projects under bidding and execution is 7,100 MW and the lowest levelized cost of electricity in the world was achieved in the Shuaiba Solar Energy Project, which amounted to 1.04 cents per kilowatt-hour.
In the mining sector, 164 exploration licenses and 579 building materials quarry licenses have been issued since the launch of the new mining investment law at the end of 2021, the report added.
A total of 954 new industrial licenses were issued, 197 ready-made factories were completed, in addition to the start of production in 820 new factories, representing 8 percent of the total existing facilities, totaling 10,293 units.