Saudi industrial sector gets big boost

The volume of new investments pumped into the industrial sector during the current year is 6.3 billion Saudi riyals, estimates Dr Hashim Yamani, Saudi Minister of Commerce and Industry.

The minister spoke of a study being conducted for the establishment of a database at the ministry's directorate general for supplies to monitor prices of food and other commodities, both locally and internationally, as well as the names of merchants and importers dealing in these goods, in addition to stockpiles.

This will be done in cooperation with other relevant bodies. Both the General Corporation for Seaports and the Customs Department will be linked with the database to help in the exchange of information.

Speaking at the first joint meeting with heads of local chambers of commerce and industry held in Riyadh yesterday, Dr Yamani said the ministry has more than doubled the number of staff monitoring commercial fraud activities, from 70 last year to 142 this year.

He said the number of operating factories has risen this year by 1.4 per cent compared to last year. This year, the volume of new investments in the industry amounted to 6.3 billion riyals, not including money spent on the expansion of existing factories.