Saudi Arabia has entered an advanced stage of economic transformation with the launch of the third phase of Vision 2030, said Abdullah bin Fahd Al Fares, Deputy Minister for Strategy and Development at the Ministry of Industry and Mineral Resources.
He told Argaam that this comes under the slogan of strengthening gains and doubling efforts, after achieving qualitative accomplishments during the first and second phases over nearly 10 years.
The ministry continues to work on establishing the industrial and mining sectors as two main pillars for diversifying the economy, through developing the regulatory environment, improving the investor journey, enabling the private sector, and stimulating high-quality investments, according to the official.
“With the start of the third phase, we will continue working and maintaining the strengthening of these gains and doubling efforts by completing the implementation of national programs and strategies, enhancing the role of the private sector, and investing in the capabilities of citizens, to create a sustainable impact extending beyond 2030,” Al Fares stated.
He also pointed out that the number of factories increased to 12,946 by the end of 2025 compared to about 7,000 in 2016, a growth of about 80%, while non-oil exports recorded historical levels exceeding SAR 624 billion, including SAR 167 billion in industrial exports, which reflects the growing competitiveness of the national economy.
Moreover, the private sector’s contribution to GDP increased from 44% to 51%, alongside the provision of more than 900,000 jobs in licensed industrial establishments, with a localization rate of 31%, while women’s participation rose to 37%, within the framework of empowering national talents, said the official.
Additionally, the number of mining licenses rose to 2,925 licenses, with investments exceeding SAR 44 billion for new licenses, while the value of mineral resources exceeded SAR 9.4 trillion, a growth of nearly 90% compared to 2016, said the official noting the Kingdom’s progress from rank 104 to rank 10 globally in the Mining Investment Attractiveness Index.
According to Al Fares, the Kingdom has successfully built a sustainable industrial and mining base, through localizing strategic industries and strengthening supply chains, leveraging its geographic location and the diversity of its natural resources, where qualitative projects have been launched such as car manufacturing plants in cooperation with global companies, in addition to localizing vital pharmaceutical industries, including insulin production with a capacity reaching 15 million pens annually.
The ministry worked on increasing the attractiveness of the industrial sector by developing industrial cities and launching digital platforms such as “Industry,” in addition to activating an early warning system for trade protection, which enhances market stability and fairness of competition, according to the official.
He also pointed to the launch of a package of legislative enablers, which included canceling the financial levy on expatriate labor in industrial establishments, standard incentive programs, in addition to the investment and acquisition facilitation program that links factories with investors and supports expansion.
Additionally, the ministry is working on strengthening the adoption of advanced technologies, as more than 200 factories were enabled to implement advanced manufacturing technologies during 2025, which helps raise operational efficiency and improve product quality, Al Fares added.
On the sector’s contribution to the economy, Al Fares explained that the industrial sector’s GDP reached about SAR 526 billion in 2025, confirming that the sector is no longer limited to meeting local demand, but has become a main driver of economic diversification and opening new markets.
“We are also working on improving the investor experience in the mining sector through launching specialized platforms and services, and establishing Esnad Mining Services Company, in addition to the ‘Taadeen’ platform, to facilitate licensing procedures and enhance transparency,” he added.
Al Fares further stressed that the ministry continues working to maximize the benefit from national resources and transform them into sustainable economic value, in a way that enhances the Kingdom’s position as a global industrial and mining power, and supports achieving the targets of Vision 2030.