The Saudi Arabian Industrial Sector Witnessed Significant Growth in 2023
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The industrial landscape of Saudi Arabia saw a notable growth during 2023, with the Ministry of Industry and Mineral Resources reporting a 10% increase in the number of operating factories, and by the end of the year, the total stood at 11,549.
Additionally, the ministry issued 1,379 new industrial licences, attracting investments totaling SR81 billion ($21.6 billion), and saw the commencement of operations in 1,058 new factories, which received investments of SR45 billion ($12 billion).
The Ministry spokesperson, Jarrah Al Jarrah, highlighted that these new licences spanned across 25 different industrial sectors, contributing to the overall investment in the 11,549 factories, which was estimated at SR1.541 trillion ($411 billion). The leading sectors in terms of manufacturing were food products, non-metallic mineral products, metal products manufacturing, and the production of rubber and plastic products.
When it came to the distribution of industrial licences, national establishments took the lead with 1,043 licences, followed by foreign investment establishments with 194, and joint investment ventures with 142 licences. Small establishments dominated in terms of licence numbers, receiving 1,203 licences, with medium-sized enterprises obtaining 158, micro-enterprises 15, and large companies 3 licences.
The distribution of licences across regions saw the Riyadh Region at the forefront with 479 licences, the Eastern Region with 340, the Makkah Region with 269, the Qassim Region with 87, and the Madinah Region with 79 licences.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
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