Abstract
Industrial development in any nation plays a vital role in the strengthening of the economy and employs human resources as per specifications and directly towards the mainstream of the nation. In Saudi Arabia, there was rapid industrialization for four decades. Some manufacturing industries performed well, while some internal and external business environment factors influenced the others’ performance. The study focuses on historical development, as well as recent trends of well-performing and poor-performing industries of Saudi Arabia. Small manufacturing industries in Saudi Arabia are underdeveloped and need more attention to attain sustainable and progressive growth rate in the form of the number of establishments to enjoy the potential. Manufacture of tobacco, computer, electronics and optics, pharmaceuticals and transport equipment are the deprived and underdeveloped industries of the manufacturing sector. There should be some easy credit schemes for the development of deprived or underdeveloped manufacturing industries. To attain sustainable growth and development of the manufacturing sector, a positive attitude of the government towards underdeveloped manufacturing industries, favorable labor laws, and entrepreneurial awareness, technical and financial assistance are necessary. The growth and development of the manufacturing sector of Saudi Arabia will be helpful in the attainment of goals of Vision 2030.
Highlights
Development is a continuous process backed by resources and entrepreneurial skills
Lishments and employees engaged in the establishments in the long run. This reflects that manufac- From the above, it can be concluded that there turing establishments provide employments that are some industries of the manufacturing sector contribute to attaining the goals of Vision 2030 in in Saudi Arabia whose earning capacity and cap
There is extreme means some other factors affect the growth of em- negativity in the average growth rate of capital ployees engaged in manufacturing establishments. formation of many industries like the manufacture of textiles, leather products, non-metallic
Summary
The industrialization of an economy assures sustainable development and contributes to the economy, while the growth and development of all manufacturing sectors allow speedy development. In Saudi Arabia, there was rapid industrialization in all sectors of the economy in the last few decades. The speedy industrialization reflects the government’s attitude towards the growth and development of the economy. The Saudi government is committed to overall growth and development of the economy and develops various industrial sectors for balanced contribution to gross domestic product. Saudi industrial development fund and national industrial development logistics program were initiated by the government to assist the industrial sector multi-dimensionally. The government of Saudi Arabia encouraged industrial development and promoted all sectors of manufacturing or production. It was evident that the manufacturing sector of Saudi Arabia noted remarkable growth during the last four decades.
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