Saudi Arabia will spend 100 billion riyals on an industrial plan Materials and Products

Saudi Arabia will spend 100 billion riyals ($ 27 billion) in 2019 and 2020 as part of its program to develop national industry, Saudi Arabia's deputy minister of energy, industry and mineral wealth, Abed Abdullah al-Saadoun, said yesterday.

The program provides opportunities for investment in mining, industry, logistics and energy within the Kingdom, according to a document distributed to participants at an investment conference in Riyadh.

The program says investors are offered opportunities to invest in projects such as rubber plants, chemical catalysts and automobiles.

Saudi Energy Minister Khalid Al-Faleh said in December that Saudi Arabia's budget for 2019 allocated 33 billion riyals to the energy, industry, mining and logistics sectors.

He added that this is more than three times the amount allocated in the previous budget, an indicator of the Kingdom's keenness to promote the diversification of economic resources in those sectors to create jobs for Saudis

"This is more than three times the amount allocated in the previous budget," he said, a sign of Saudi Arabia's keenness to promote diversification of the economy's resources in those sectors to create jobs for Saudis and reduce dependence on oil.