PROJECTS: Saudi industrial investment put at $306mln in July

New permits for 86 factories

  
Image used for illustrative purpose. A Saudi supervisor walks at Maaden Aluminium in Ras Al Khair, Saudi Arabia May 22, 2016.

Image used for illustrative purpose. A Saudi supervisor walks at Maaden Aluminium in Ras Al Khair, Saudi Arabia May 22, 2016.

REUTERS/Faisal Al Nasser

Saudi Arabia granted permits for the construction of 86 new factories with total investments of around 1.16 billion Saudi riyals ($306 million) in July, its Industry and Mineral Resources Minister was quoted on Wednesday as saying.

The new permits boosted the number of the Gulf Kingdom's total industrial units to 9,284 at the end of last month, Bandar Al-Khorayef said.

"Despite the spread of Coronavirus and lockdown measures in the Kingdom, the industrial sector attracted 86 new factories last month," Al-Khorayef said, quoted by the Saudi Arabic language daily Aliqtisadia.

He said activity in industry and other sectors in the world's largest oil sector remained strong due to a massive government stimulus to offset the negative effects of Coronavirus on the domestic economy.

Officials have said such measures involve the pumping of at least $60 billion into the economy and domestic banks.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Saudi Arabia #Construction #Industrial

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