31 Jan Saudi Arabia’s manufacturing sector is among the fastest growing in the world
Did you know Saudi Arabia’s manufacturing sector is among the fastest growing in the world?
According to leading business media brand Fast Company, the answer lies in the Middle East. Saudi Arabia’s manufacturing sector is growing at 7.5% annually, while other Middle Eastern nations are ramping up their manufacturing capabilities.
Qatar’s National Manufacturing Strategy, for example, focuses on establishing advanced manufacturing value chains that use the latest technologies such as Artificial Intelligence and Augmented Reality.
Bahrain is not far behind either, with aspirations to become a regional hub for Industry 4.0, the fourth wave of the Industrial Revolution. It has been working on implementing pilot projects under the Bahrain Economic Development Board and labour fund Tamkeen to generate short term benefits and demonstrate investment opportunities.
The United Arab Emirates, on the other hand, announced some new initiatives such as Operation 300bn to position themselves as a global industrial hub by 2031, more than doubling the sector’s contribution to GDP from US$36 billion to over US$81 billion. This initiative aims to transition the nation to smart manufacturing, which also helps existing manufacturers build an innovation-driven culture while securing local supply chains.
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