Saudi Arabia gave the green light for 91 industrial projects with a combined value of around 857 million Saudi riyals ($228 million) in February, according to official data. 

The investments approved last month were nearly 21 percent above the value of industrial permits granted in Feb 2020, showed a report by the Industry and Mineral Resources. 

It said the projects last month covered mostly light and medium products, including foodstuffs, chemicals, paper, building materials and furniture. 

The new projects boosted the total number of industrial units in the Kingdom to nearly 9,853 at the end of February, with a combined capital of around 1.115 trillion riyals ($297 billion), the report showed. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021