2000 News Story

Kingdom continues to promote industrial development

In a statement to an Egyptian newspaper today, Minister of Industry and Electricity Dr. Hashim Yamani attested to the fact that the Kingdom provides national industries with all possible facilities and incentives, thereby contributing to diversification of sources of income. The share of the industrial sector in the Gross National Product (GNP), he said, is now 13 percent, and is expected to rise to 25 percent within the next ten years. There are currently 3,170 productive factories employing 283,000 workers, and the total invested capital exceeds SR 232 billion [U.S. $ 61.87 billion]. Included in this number are 357 joint ventures with foreign partners, with an invested capital of around SR 30 billion [U.S. $ 8 billion]. Saudi Arabia exports its industrial products to 118 countries, including petrochemicals worth SR 14 billion [U.S. $ 3.73 billion]. The Kingdom has set up the petrochemical and chemical fertilizer industry, he said, dependent on natural gas, and has attained significant progress in this sphere at the international level.