Saudi Arabia: Saudi Arabia issued 118 new industrial licenses in February – a 72 percent annual increase as the Kingdom’s manufacturing sector continues to strengthen,

The permits were distributed across five sectors, with the food products production domain securing 23 licenses from the Ministry of Industry and Mineral Resources.

The formed metal goods division followed closely with 18. 

The non-metallic minerals and non-ferrous metal manufacturing field was provided with 13 authorizations, while the chemical production sector obtained 11 approvals. 

The rubber and plastics industry also saw nine new permits, a release by the ministry said. 

This has led to the number of industrial licenses issued by the body from the beginning of this year until the end of February to total 270.

The volume of investments in new licenses for February amounted to SR1.88 billion ($500 million).

Meanwhile, the total number of factories existing and under construction in the Kingdom amounted to 11,757, with a funding amount of SR1.5 trillion.

Small establishments obtained the largest share of permits, at 89.8 percent, while medium enterprises followed at 9.32 percent.

The release further stated that 93 factories began production in February, with an investment volume of SR1.51 billion. 

In order to demonstrate the extent of change that the sector is witnessing, as well as the growth of industrial investments, the ministry issues its report monthly to establish the most critical indicators of the sector in the Kingdom, the Saudi Press Agency reported.