Industrial projects in Saudi Arabia have jumped by nearly 54 percent over the past five years following the introduction of more incentives to investors, a local study has shown.

From around 992 billion Saudi riyals ($265 billion) at the end of 2019, industrial investments in the largest Arab economy surged to nearly SAR1.5 trillion ($400 billion) at the end of the first half of 2024, a study by the Saudi Chambers Federation showed.

The number of industrial projects also soared from around 7,600 to 11,800 in the same period, according to the report.

It said the surge boosted the industrial sector’s contribution to GDP from around SAR392 billion ($104.5 billion) to SAR592 billion ($158 billion).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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