By Innovation-sa on January 31, 2019 in News
Saudi Arabia witnessed the launch of the National Industrial and Logistics Program (NIDLP), the most ambitious initiative under the Kingdom’s Vision 2030 reform plan on Monday in the presence of Crown Prince Muhammed bin Salman. During the launch event at Riyadh’s Ritz Carlton hotel, 37 agreements worth SR235 billion were signed across four key economic sectors – mining, industry, logistics and energy.
NIDLP aims to transform Saudi Arabia into an “industrial powerhouse”, reduce its dependence on imports, and eventually boost the economy. By 2030, it will contribute about SR1.2 trillion to the Saudi economy. Domestic production will rise by more than SR700 billion, raising the value of Saudi Arabia’s exports to over SR1 trillion and creating at least 1.6 million jobs.
With more than 300 initiatives underway, and 34 government agencies involved, the program highlights local and international private sector as its key driver to fuel up 12 diverse sectors in the Saudi economy.
Agreements signed at the event includes large-scale deals with Thales of France and CMI of Belgium in the military industries sector, and one between the Saudi Export Development Authority and the Saudi Industrial Development Fund to launch an initiative to boost export financing, as well as major deals between Aramco and SABIC.
Arab News – 29 January 2019