JEDDAH: Saudi Arabia issued 105 new industrial licenses in February, marking a 66.7 percent increase compared to January, supporting the Kingdom’s drive for economic growth and diversification. 

A total of 113 factories also commenced production during the second month of the year, representing a 9.7 percent increase in comparison with the previous month, according to a statement issued by the Ministry of Industry and Mineral Resources.

According to a report from the ministry’s National Industrial and Mining Information Center, the new licenses represent investments exceeding SR1.02 billion ($272 million) and are expected to create 1,504 jobs.

These developments are part of a broader trend in the sector. An official study revealed that 1,346 new industrial permits were issued in the first quarter of 2024, paving the way for over 44,000 new job opportunities and attracting investments surpassing SR50 billion ($13.3 billion). 

They also align with Saudi Arabia’s National Industrial Strategy, unveiled by Crown Prince Mohammed bin Salman in October 2022, which seeks to accelerate sector growth and raise the number of factories across the Kingdom to approximately 36,000 by 2035.

The strategy targets 12 sub-sectors and outlines over 800 investment opportunities, valued at SR1 trillion, with the goal of tripling the nation’s industrial gross domestic product. 

The issuance of permits also correlates with the Kingdom’s National Industrial Development and Logistics Program, launched in 2019, to support the industrial sector and drive sustainable development. 

The ministry added in its statement that factories entering the production phase attracted investments totaling SR900 million and generated 4,114 new jobs, underscoring the continued growth and expansion of the country’s industrial base as these establishments reach full operational capacity. 

Saudi Arabia’s Industrial Production Index recorded a 1.3 percent year-on-year increase in January, driven by sustained growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained steady at 103.9, unchanged from December. 

The manufacturing sub-index posted a 4 percent annual rise, supported by a 4.3 percent increase in the production of coke and refined petroleum products, as well as a 4.2 percent uptick in chemicals and chemical products. 

The report, which monitors key industrial indicators, also revealed that investments linked to newly issued industrial licenses reached SR1.197 billion, with the associated projects expected to create more than 2,500 job opportunities across the Kingdom.

RIYADH: Saudi Arabia’s Tadawul All Share Index rebounded on Tuesday, as it gained 37.74 points or 0.33 percent to close at 11,586.40. 

The total trading turnover of the main index was SR5.41 billion ($1.44 billion), with 101 stocks advancing and 136 declining. 

The Kingdom’s parallel market, Nomu, edged down by 1.24 percent to close at 28,281.76. 

The MSCI Tadawul Index gained 8.09 points to 1,474.60. 

The best-performing stock on the benchmark index was Saudi Fisheries Co. The firm’s share price increased by 10 percent to SR112.20. 

The share price of AlJazira REIT also rose by 9.91 percent to SR15.52. 

Alistithmar AREIC Diversified REIT Fund also saw its stock price increase by 9.90 percent to SR8.77. 

Conversely, the share price of Jahez International Co. for Information System Technology declined by 3.33 percent to SR27.55. 

On the announcements front, Aldrees Petroleum and Transport Services Co. revealed that its net profit for the first quarter of this year reached SR100.1 million, representing a rise of 29.32 percent compared to the same period in 2024. 

Compared to the fourth quarter of 2024, Aldrees’ net profit increased by 6.94 percent. 

In a press statement, Aldrees attributed the rise in profit to higher sales from the company’s petrol and transport division. 

The share price of Aldrees edged up by 1.81 percent to SR135. 

In a Tadawul statement, the Saudi National Bank said that its net profit for the first three months of this year witnessed a year-on-year rise of 19.48 percent to reach SR6.02 billion. 

The financial institution said that the rise in profit was driven by a 7.56 percent rise in operating revenue during the first quarter compared to the same period of the previous year. 

The stock price of SNB increased by 3.98 percent to SR35.25.

Al Rajhi Bank said that its net profit for the first quarter of this year reached SR5.9 billion, representing a rise of 34.07 percent compared to the same period in 2024. 

In a Tadawul statement, the bank added that its total operating revenue for the first three months of this year stood at SR9.2 billion, marking a 27.26 percent year on year rise. 

Al Rajhi Bank’s share price increased by 0.41 percent on Tuesday to reach SR98.