The Ministry of Trade and Industry is to refer soon the national industrial strategy for Royal Approval, with state approval for strategy having already been acquired. The strategy, which should come into effect at the beginning of the new fiscal year, will see an investment over five years of SR40 billion in industrial cities. The Undersecretary of the Ministry of Trade and Industry for Industrial Affairs, Khaled Al-Sulaiman, said the amount could increase. “The industrial sector currently does not meet requirements as its contribution is weak and estimated at only 10 percent,” Al-Sulaiman he said. “We lack creativity and innovation, and this is an important strategic goal we need to believe in to achieve sustainable industry.” According to Al-Sulaiman, most Saudi youths prefer work in the public and private sectors. “Hence the importance of expansion and setting up new factories to create thousands of new jobs,” he said. “Local industry should compete internationally, and we must move to resources that depend on creativity and innovation. This cannot happen unless we develop the employment capacity in petroleum, gas and petrochemicals to attract young Saudis.” Al-Sulaiman said that projects were ongoing in the new industrial cities such as Sudair Industrial City on an area of 250 million square meters, Al-Kharj Industrial City on an area of 100 million square meters, and Jeddah Industrial City on area of eight million square meters, as well as in Taif, Jizan, Rabegh and the Eastern Province. “Work is also continuing in improving the Second Industrial Estate in Dammam,” Al-Sulaiman said, adding that SR1 billion had been given to improve its services. Al-Sulaiman revealed that discussions “in their final stages” were being held on an extensive new location to add to the industrial lands required in the Eastern Province. “There are 320 investors on the waiting list to obtain industrial land in the Eastern Province,” Al-Sulaiman said. “The Ministry of Trade and Industry plans to reassess the setting up of new industrial cities and estates with investment in them projected to reach SR15 billion.”
