A recent report revealed that Saudi chemical industry exports are the highest in the Arab world. Experts also affirmed that the kingdom is considered a global leader in the field of manufacturing industries. Saudi Arabia has worked on creating a competitive environment that boosts private sector sustainability and attracts more investment to the kingdom. It concentrated efforts on developing its manufacturing industries, especially chemical and military industries. The report emphasized the importance of the role played by manufacturing industries in achieving sustainable economic growth as countries pursue acquiring modern technologies and increasing production efficiency and competitiveness in order to cover domestic demand for goods, export surplus products to global markets, and move the wheel of economic development forward.
Arab countries have seen manufacturing industries cover 5.1% of GDP in 2019, the report noted. The market share occupied by chemical industry exports increased from about 8.9% in 2010 to 9.8% in 2018, and Saudi Arabia's exports accounted for the highest percentage of the total, standing at a significant 50.6%. More so, the value of the kingdom’s exports reached $ 56.2 billion in 2018 compared to $33.8 billion in 2010. Saudi Arabia is considered a global leader in manufacturing industries expertise, especially chemical industries, economist Abdullah Al-Melehi told Asharq Al-Awsat, stressing that the kingdom has also made a strong entrance to the field of military industries.
Melehi pointed out that the Saudi Ministry of Industry and Mineral Resources intends to modernize the industrial national strategy by the end of the first half of 2021. He added that 100 investment opportunities will be offered during this year, and that Saudi Arabia has managed to raise the percentage of military industry localization to 8%. Melehi said manufacturing industries are an important indicator of Saudi economic growth, especially that the Kingdom is a major producer of raw materials that are vital for them. Backing manufacturing industries is a key catalyst to attracting investments, he noted, adding that they also create employment opportunities for Saudi youth.