Manufacturing still only contributes 10 per cent to Saudi Arabias GDP
Prince Saud Bin Abdullah Bin Thunayyan Al-Saud, the chairman of the Saudi Basic Industries Corporation (Sabic) and the Royal Commission for Jubail and Yanbu (RCJ&Y) has said that Saudi Arabia still has work to do in its industrial diversification programme.
Speaking at the Saudi Downstream 2014 conference in Yanbu today, the official said that despite massive investment in the kingdoms manufacturing sector, it makes only a 10 per cent contribution to the kingdoms gross domestic product (GDP). This compares to 20 per cent in developing countries and 40 per cent in fully developed nations.
We need to achieve greater competitive advantages and to fully utilise the natural resources at our disposal, he said. Our downstream industries is one of the of the most important pillars for us to compete and this requires us to expand operations as well as the mutual integration products in existing sectors.
The official also told delegates that the RCJ&Y was about to commence its 10th five year development plan.
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