RIYADH: Saudi Arabia is working to offer 50 investment opportunities worth over $25 billion in the machinery and equipment sector as part of its strategy to promote private participation in the Kingdom’s diversification goals outlined in Vision 2030, a top minister revealed.
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef said these investment opportunities are being developed and raised at the Invest Saudi platform to activate the National Industry Strategy.
The national strategy seeks to expand the industrial base in the Kingdom, reduce imports by up to 50 percent, and work toward exporting products to regional and global markets.
The machinery and equipment sector is crucial for all industries, including oil and gas, petrochemicals, mining, food, and construction. In 2019, the machinery and equipment sector in Saudi Arabia garnered an estimated revenue of about $32 billion.
