Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, oversaw the signing of some 37 agreements worth SR235 billion ($63 billion) on the sidelines of the National Industrial Development and Logistics Program (NIDLP) here on Monday.
Agreements included largescale deals in the military industries as well as a major pact between Aramco and SABIC.
Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said more than 65 investment opportunities are offered to the private sector.
NIDLP, which has 330 logistics initiatives, aims at transforming the Kingdom into a leading industrial power and a global logistics platform and fuel up 12 sectors including energy, petrochemicals, mining and the automotive industry.
Minister of Transport Dr. Nabil Al-Amoudi said in his opening speech that NIDLP seeks local and international investments worth SR1.7 trillion to contribute to achieving the objectives of the program.
The National Industrial Development and Logistics Program is set to contribute about SR1.2 trillion to the Saudi economy by 2030. Domestic production will also increase by more than SR700 billion, creating 1.6 million jobs, and raising the value of Saudi Arabia’s exports to more than SR1 trillion.
He said the Kingdom is witnessing a rapid process of progress and development represented by Vision 2030.
The vision is based on three themes: Building a vigorous society, a prosperous economy, and an ambitious nation.
The minister said NIDLP aims at integrating the capabilities of the Kingdom’s state agencies as well as attracting and encouraging local and international investments through four main sectors: Energy, industry, mining, and logistics.
He said currently more than 300 initiatives are under way, stressing that the main driver of this program is the local and international private sector.
On the sidelines of the launch of NIDLP, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih inaugurated TAADIN (Mining) Platform to serve mining investment and launched the pilot version of the National Geological Database to serve investors in mining fields.
He said, “Since the approval of the Kingdom’s mining strategy, we have placed our interest in the mining sector with its unlimited opportunities to exploit diverse mineral resources in the Kingdom.”
He said the TAADIN platform aims to facilitate issuance and renewal of mining licenses, inquire about mining sites available in the Kingdom, improve the investor experience and link the investor to electronic systems in order to cope with the digital transformation plan targeting the mining sector.