Saudi Arabia's investments in the industrial sector rose to SR$37.70 billion in 2010 from $24.57 billion in 2009. With the increasing investments the Kingdom is importing industrial machineries to the tune of $15 billion annually, according to a high-ranking official of Riyadh Exhibition Company (REC). Kamil Al-Jawhari, REC Project Manager for the forthcoming international exhibition 'Makinat Saudi Arabia 2011' said the consistency in the investment initiatives Saudi Arabia's industrial sector has likewise created several business opportunities for industrial machineries leading to the creation of job opportunities for Saudis. "The industrial investments in Saudi Arabia have reached $37.70 billion in 2010, up from $24.57 billion in 2009. Saudi Arabia has emerged as one of the most lucrative destinations for industrial machineries with total imports valued at around $15 billion annually," he said. Saudi Arabia's industrial sector has achieved a remarkable growth in recent years, creating an unprecedented surge in demand for a wide array of industrial machineries, tools, spare parts and technologies," he said. According to reports, Saudi Arabia imports in the fourth quarter of 2010 were worth SR82 billion. Saudi Arabia mostly imports machinery and equipment, foodstuffs, chemicals, motor vehicles and textiles. Kingdom's major import partners are countries in the European Union such as Germany, Italy, UK, and United States, China, Japan and South Korea. "We expect Saudi Arabia to continue to move forward with its industrial diversification strategy, which is a key component in the Kingdom's vision to further strengthen the national economy," he said. He said Makinat Saudi Arabia 2011 will add momentum to the sustained growth of the industrial sector by creating a definitive venue to discuss business opportunities. __
