NIDLP Adds $262.87 billion to Saudi GDP

The activities of various sectors of the Saudi Arabia’s National Industrial Development and Logistics Program (NIDLP), one of the most pivotal executive initiatives and launched in 2019 as part of the Kingdom’s Vision 2030, have added $262.87 billion to the GDP at the end of last year.

NIDLP aims to transform the Kingdom into a leading industrial powerhouse and a global logistics hub by maximising the value achieved from the mining and energy sectors, as well as integrating the two focus areas of local content and the fourth industrial revolution.

The programme has encompassed 284 initiatives, with 163 completed, representing 57% of the total, while the remaining initiatives are on track to meet their targets, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, who also holds the position of NILDP Chairman said in the Programme’s annual report for 2024.

NIDLP has been dedicated to transforming the Kingdom into a leading industrial powerhouse and a global logistics hub and seeks to maximise the potential of the energy and mining sectors, fostering the growth of domestic industries, and develop promising, future-oriented sectors.

These efforts are strategically designed to enhance the Kingdom’s investment appeal and contribute to sustained GDP growth. NIDLP has played a pivotal role in enabling implementing entities to advance their plans and deliver tangible results on the ground, he said.

The program’s positive impact is evident in a range of key performance indicators that reflect its direct contribution to the economy.

Total non-oil exports exceeded $137.03 billion, backed by a record 42% increase in re-exports to $23.99 billion, representing 13.2% increase over the previous year, a 14% rise in exported services to $55.19 billion, and a 4% increment in exported goods to $57.85 billion.

Exports of machinery and electrical equipment saw the largest y-o-y growth at 81%, recording $11.44 billion, while exports of chemical products made the largest contribution at $20.93 billion, despite a 2% y-o-y dip in growth. Additionally, employment within NIDLP sectors exceeded 508,000 jobs, including more than 81,000 Saudi nationals,” the Minister pointed out.

The Minister also said that the industrial cities and special zones received a cumulative of $370 billion in government investments last year, with the program also attracting $177.29 billion in private investments.

The Saudi Industrial Development Fund approved $52.79 billion in cumulative loans by the end of 2024, while the Saudi Export-Import Bank (Saudi Exim) extended $18.42 billion in cumulative credit over the same period.

Vision 2030 on Track

Saudi Arabia’s Vision 2030 continues to advance steadily toward fulfilling the aspirations of its wise leadership by building an ambitious nation, fostering a vibrant society, and driving a thriving economy.

This Vision has ushered in a profound transformation across all aspects of life within the Kingdom. It is underpinned by an ambitious strategic approach centred on sustainable development, effective economic diversification, and the optimal utilisation of our national resources and capabilities. The goal is to strengthen value-added sectors, most notably energy, mining, industry, and logistics, he said.