Saudi electrical equipment industry to hit 50% nationalization target by 2025

Saudi Ministry of Energy, Industry and Mineral Resources, in coordination with the industrial private sector, is raising the Saudization rate in the electrical equipment industry from 20 percent in 2019 to 50 percent by 2025, Saudi Press Agency reported, citing Deputy Minister of Energy, Abdul Aziz Al-Abdul Karim.

“The electrical equipment industry would contribute more than SAR 16 billion per annum to the Kingdom’s gross domestic product (GDP),” Al-Abdul Karim said.

“The step would help provide up to 10,000 job opportunities for Saudi citizens,” he added on the sidelines of a workshop on investment in the electrical and industrial sector.

Al-Abdul Karim also noted the fact that Saudi Arabia imports around SAR 25 billion per annum worth of electrical as well as industrial equipment.