Total project value put at $365bln

Saudi Arabia issued permits for new industrial projects with a combined value of around 973 million Saudi riyals ($260 million) in July, according to official data. 

The licensed 531 projects cover light and medium non-oil industries including metals, building materials, chemicals, paper, foodstuffs, home appliances and other products, the Industry and Mineral Resources Ministry said in a report on Thursday. 

The new permits brought the total industrial projects in the world’s largest oil exporter to 10,685 with a combined value of nearly 1.367 trillion riyals ($365 billion) at the end of July, the report showed. 

Small factories accounted for nearly 86% of the licensed projects in July and the rest covered medium industries, the report said, adding that foreign-owned projects amounted to about 20% of those licensed in July. 

The capital Riyadh dominated industrial permits in July, attracting 15 projects, followed by the Eastern region, with 7 licenses and the Western Mecca city with 6 projects.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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