Forecasts of Saudi Factories Product Growth
Riyadh- Saudi Arabian Monetary Agency (SAMA) statistics have revealed the pick-up of Saudi factories number up to 5% in the end of 2015 compared with its total in the end of 2013.
Total number of factories reached around 7,000 end of 2015 compared with 6,670 factories in 2013, which indicates that Saudi Arabia is heading towards an expansion in the industrial sector, according to SAMA statistics.
CEO of Steel Industries Limited Mansour al-Qahtani stated that national industry is capable of entering the international markets following recent positive actions led by Saudi Arabian Business Council.
Bases on provided statistics, labor force reached 981.5 thousands compared to 868.1 thousands in the end of 2013, i.e. an increase of approximately 13%. This rise promises a growth in production volume during the coming period.
Production capacity in Saudi factories is expected to grow 30% by 2020 which indicates two things: first that national factories will succeed in increasing production and second that export rates will rise as well.
Qahtani told Asharq Al-Awsat on Friday that national factories now have a true chance to achieve sustainable growth averages during the coming years. “Restructuring ministries represented in uniting industry and energy ministries will sure boost industrial production in Saudi Arabia”, he said.
Speaking on Steel Industries Limited, Qahtani said that it successfully entered the international markets including France, Canada, Nigeria, Sudan, UAE, Kuwait, Qatar, Bahrain, Yemen, Australia and Oman. He added, “Our purpose is to export our products to more international markets”.
“The company is taking steady steps to maintain its pioneering position in the market as well as to progress and develop more in order to serve additional clients in local and international markets.