Industry
From The Report: Saudi Arabia 2022
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The expansion of Saudi Arabia’s industry is a core part of the Kingdom’s Vision 2030 strategy to diversify the economy and reduce reliance on oil revenue. Industry has been targeted as a driver of future non-oil growth and job creation. Expansion plans are under way for the country’s main strategic industrial segments: oil and gas; petrochemicals; and mining, a significant potential contributor to the economy. Petrochemical projects in the pipeline are facilitating significant increases in natural gas production planned for 2030. The Kingdom’s industrial strategy is driven by Vision 2030, Saudi Arabia’s long-term social and economic tansformation plan.

This chapter contains interviews with Suliman Almazroua, CEO, National Industrial Development and Logistics Programme; and Robert Wilt, CEO, Ma’aden.

Articles from this Chapter

Overview

Tapping potential: Increased global demand for hydrocarbons, petrochemicals and minerals is driving growth and transformation
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The expansion of Saudi Arabia’s industrial sector is a core part of the Vision 2030 strategy to diversify the economy and reduce reliance on hydrocarbons revenue. Industry has been targeted as a driver of future non-oil growth and job creation. Expansion plans are under way for the country’s main strategic industrial segments: oil and gas; petrochemicals; and mining, a significant potential contributor to the economy. Petrochemicals projects in the pipeline are facilitating significant increases…

Interview

Downstream development: Suliman Almazroua, CEO, National Industrial Development and Logistics Programme (NIDLP), on emerging opportunities for investment and private sector participation
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Interview:Suliman Almazroua Where do you see opportunities to boost the value and competitiveness of the Kingdom’s exports? SULIMAN ALMAZROUA: Saudi Arabia’s natural resources, including its hydrocarbons and mineral deposits, serve as the basis of efforts to develop downstream industries that further strengthen supply chains and drive economic diversification. In addition to the scale of raw materials, other productivity enablers include the country’s strategic geographic location, modern…

Analysis

Abundant prospects: Major investment projects seek to exploit untapped resources and contribute to economic diversification
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Saudi Arabia is seeking to attract SR637.7bn ($170bn) worth of investment in the mining industry by 2030 to help the country capitalise on its wealth of mineral resources, the total value of which is estimated to exceed SR4.88trn ($1.3trn), according to figures from the government. Global demand for minerals is likely to increase as the energy transition accelerates, with minerals a key component in the production of many clean energy technologies. To prepare for this rise in demand, Bandar Alkhorayef,…

Interview

Digging deep: Robert Wilt, CEO, Ma’aden, on the local mining industry’s contributions to diversification and the energy transition
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Interview:Robert Wilt What role does the mining sector play in economic diversification, and what more can be done to integrate local companies in downstream value chains? ROBERT WILT: The mining industry is vital for the energy transition and prosperity in the Kingdom, and around the world. Mining opportunities in the Kingdom are valued at SR4.9trn ($1.3trn). To enable the development of the Saudi mining industry, the government in May 2022 announced plans to catalyse SR120bn ($32bn) in investment…

Analysis

Chemical reaction: Efforts to catalyse investment in regional downstream chemicals and petrochemicals production and export capacity
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With Russia’s invasion of Ukraine reigniting debate about the pace of the energy transition and the risks of relying on oil and gas imports from countries with opposing agendas, discussion in the Gulf is framed around how to extract maximum benefit from hydrocarbons while also playing a responsible role in efforts to both mitigate climate change and maintain stability in international energy supply. Saudi Arabia aims to achieve net-zero carbon emissions by 2060 and is a founding member of the Net-Zero…