Saudi 1998 industrial production estimated at $20.8 billion, report

Saudi Minister of Electricity and Industry Hashem Yamani said Wednesday the 1998 Saudi industrial production was estimated at $20.8 billion.

The local market consumed 46.5% of the total industrial production, while 35.5% was exported to several Arab and foreign countries, Yamani said in a report issued by the ministry.

The national industrial production has succeeded in replacing foreign goods with local ones valued at $13.3 billion, he said.

The total Saudi productive factories reached 3,190 until last July with investments of $61.92 billion, the Saudi minister said.

The report did not indicate the bulk of foreign industrial investment in Saudi Arabia, but some official statistics estimated them at more than $15 billion, most of which concentrated on petrochemical activities.

Saudi factories covered 10 industrial activities topped by investments in chemicals and plastic industries estimated at $40.1 billion with 636 factories, the report said.

The Saudi industry ministry is seeking to upgrade national industry and achieve more growth, the report asserted.

The ministry endorsed in this respect the establishment of four new industrial cities to facilitate production of new industries, it said.

By establishing these new four cities, the tally goes up to 12 on which the state spent about 533 million dollars, while industrial investors pumped in about $11 billion.

Besides oil, the industrial sector is the only one qulified to play a leading role in the economic developement process.