Saudi Arabia Ministry of Industry and Mineral Resources Releases December 2022 Monthly Bulletin to Provide Insights into The Kingdom's Industrial and Mining Sectors

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Ministry of Industry and Mineral Resources

Mar 14, 2023, 10:37 ET

RIYADH, Saudi Arabia, March 14, 2023 /PRNewswire/ -- The Ministry of Industry and Mineral Resources of Saudi Arabia has released its latest December 2022 Monthly Bulletin of Industry and Mining, aimed at providing key insights into the Kingdom's industrial and mining sectors. The bulletin is published monthly and covers the latest developments, trends, and investments in these sectors, proving a vital tool for investors.

According to the latest bulletin, the total volume of investments in the industrial sector reached 1,428 trillion riyals in December 2022, with a total of 10,518 factories in operation. The bulletin also reports that the number of valid mining licenses reached 2,272 licenses, including 1,383 licenses for building materials quarry, 635 exploration licenses, 178 mining and small mine exploitation licenses, 43 reconnaissance licenses, and 33 surplus mineral ores licenses.

The bulletin further reports that a total of 964 industrial licenses were issued throughout the year, amounting to 32.036 billion riyals worth of investments. In addition, 1,023 factories started operations during the same period, with investments amounting to 28.79 billion riyals. These investments have created 51,723 job opportunities in the country.

The Monthly Bulletin of Industry and Mining is part of Saudi Arabia's broader industry and mineral resources strategy. The Kingdom has been actively diversifying its economy and reducing its dependence on oil for revenue. The development of the industrial and mining sectors is a key component of this strategy, and the Ministry of Industry and Mineral Resources has been leading the efforts to achieve this goal.

The Saudi Arabian government has been encouraging investment in the industrial and mining sectors by offering various incentives, including tax exemptions, land grants, and streamlined licensing processes. The data presented in the bulletin highlights the success of these efforts, and the growth of Saudi Arabia's industrial and mining sectors is expected to benefit the country's overall economy.

The Monthly Bulletin of Industry and Mining is published by the Ministry of Industry and Mineral Resources and is available on the ministry's website: (https://mim.gov.sa/newsletters).

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SOURCE Ministry of Industry and Mineral Resources