Saudi Arabia signs deals worth $54 bln under new industrial program

Saudi Arabia signed agreements worth SAR 204 billion ($54.4 billion) as part of its recently-announced National Industrial Development and Logistics Program (NIDLP) on Monday, Reuters reported.

NIDLP aims to boost the contribution of these sectors to $320 billion by 2030 to gross domestic product (GDP), stimulate investments worth more than $426 billion, generate 1.6 million new jobs, and increase the volume of non-oil exports to over $260 billion.

Some of the deals signed during the event:

- An agreement with French aerospace and defence company Thales and CMI of Belgium in military industry cooperation.

- The Saudi Export Development Authority and the Saudi Industrial Development Fund (SIDF) reached a financing agreement worth $840 million for the construction of the Trans-Saudi Arabia plant in Jazan for basic and transformational industries.

- Chemical companies Alrafiyah and Eastman Chemical of the United States agreed to set up a factory for hydrocarbon resins worth nearly $500 million.

- An agreement worth SAR 1.13 billion was inked to build a sodium plant, in addition to another deal to set up an industrial chemicals complex at total investments of SAR 1 billion.

- The Saudi Ministry of Energy, along with Saudi Arabian Mining Co. (Maaden) and another foreign company, agreed to set up a hydrogen fluoride and polysilicone complex in Waad AlShamal worth SAR 500 million.

- The program is also offering investment in projects such as plants that manufacture rubber, catalysts and vehicles.