Minister of Industry and Electricity Dr. Hashim Yamani today stated that during 1994, sales of products from Saudi factories totaled SR 68 million (U.S. $ 18 million) inside the Kingdom, while industrial exports, which now reach 90 countries worldwide, fetched SR 15.4 billion (U.S. $ 4 billion). The number of factories operating in the Kingdom is now nearly 2,500, involving capital investments of over SR 160 billion (U.S. $ 42 billion).
Dr. Yamani said that his Ministry is now studying a new industrial policy to match the changing international reality following the adoption of the GATT accord, and is working on development and expansion of existing industrial cities as well as establishment of new ones in areas of the Kingdom which do not yet have them. Concerning investments in the foodstuffs industry, he reported that there are 379 productive plants engaged in this sector, with total investments of more than SR 10.4 billion (U.S. $ 2.7 billion), adding that the local market is able to offer even greater opportunities for food canning and preserving factories. Referring to the electricity sector, Dr. Yamani said technical studies are currently underway for long-term (25-year) planning in order to develop it comprehensively in terms of quality and quantity and ensure a balanced approach between supply and demand for the comfort and prosperity of citizens everywhere.