Industry is more important to Saudi’s future than oil, energy minister says


Industrial progress is more vital to Saudi Arabia’s future than oil, the kingdom’s energy minister told CNBC Monday.

Saudi Arabia launched a National Industrial Development and Logistics Program (NIDLP) on Monday as the kingdom hopes to attract 1.6 trillion riyals ($426 billion) of foreign investment by 2030, specifically into the industry, logistics, mining and energy sectors.

“This is a program that integrates four major pillars of the Saudi economy, they’re all active now. These are nothing new but they will be stronger, more competitive and more diverse,” Al-Falih said.

“The sophisticated integrative logistics sector will connect (the other pillars) and will connect the kingdom with the rest of the world and will create a platform for exports and competitiveness for the new economy for Saudi Arabia being built under the Vision 2030.”

Source: CNBC

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