Saudi Arabia approved 102 industrial projects in March with a combined value of around 15.2 billion riyals ($4.05 billion), according to a report issued by the Industry and Mineral Resources Ministry.
 
The value is nearly 681 percent above the total value of industrial projects approved by the world’s largest oil exporter in March 2020, the report said.
 
The number of project permits issued last month is also nearly 55 percent above those issued in the same month of 2020, the report showed.
 
Last month’s new project licenses boosted the total number of industrial projects in the Gulf Kingdom to 8,589 with a combined capital of 1.123 trillion riyals ($299 billion).
 
The report showed industrial projects, the pillar of Saudi Arabia’s economic diversification plans, include mainly electrical and electronic products, paper, chemicals, furniture, building materials, foodstuffs and other light and medium products.
 
(Writing by Nadim Kawach; Editing by Anoop Menon)
 
 
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